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      Question

      GAAP stands for?   

      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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