What is GAAP full form

Question

Accepted Answer

GAAP stands for Generally Accepted Accounting Principles.

GAAP is a set of accounting principles, standards, and procedures that companies use to prepare and present their financial statements.
It provides a standardized framework for financial reporting, ensuring consistency and comparability across different organizations.
GAAP is developed and maintained by the Financial Accounting Standards Board (FASB) in the United States.
It includes guidelines for revenue recognition, expense recognition, asset valuation, and disclosure requirements.
Adhering to GAAP is important for businesses as it helps investors, creditors, and other stakeholders to make informed decisions based on reliable financial information.

Accepted Answer

Generally accepted accounting principles

Accepted Answer

Generally accepted accounting principles

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