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    Question

    GAAP stands for?Ā  Ā 

    A Global Accounts and Audit Principles Correct Answer Incorrect Answer
    B General Accounts and Audit Principles Correct Answer Incorrect Answer
    C Globally Accredited Accounting Principles Correct Answer Incorrect Answer
    D Generally Accepted Accounting Principles Correct Answer Incorrect Answer
    E General Accrual Accounting Practices Correct Answer Incorrect Answer

    Solution

    Generally accepted accounting principles (GAAP) are a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements. GAAP is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. GAAP improves the clarity of the communication of financial information.

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