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What does GAAP stand for? A Group audit and accountancy policy C Generally accepted audit policy B Generally accepted accounting principles D Guidelines for accepted accounting principles
Generally the abbreviation GAAP stands for "Generally Accepted Accounting Principles". It is a set of standards/Procedures which is followed by the companies while submitting their Financial statements.
GAAP stands for: "Generally Accepted Accounting Principles"
GAAP stands for "Generally Accepted Accounting Principles," a collection of commonly followed accounting rules and standards for financial reporting.
GAAP specifications include definitions of concepts and principles, as well as industry-specific rules. The purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another.
B. Generally accepted accounting practices.
option B
The correct answer is : B- Generally Accepted Accounting Principles
First GAAP was generated in USA since about10 years ago in parallel of SOX. failure and meant :
Group of Audit and Accountancy Policy (as reported and registered auditing security factors against frauds)
Second it was known as General Accepted Auditing Policy Third and currently means General Accepted Accounting Principles
Forth and other meaning as Guidelines for Accepted Accounting Principles
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