Question

How many accounting standards are there in US GAAP?

Answer 1

There are 10 accounting rules in US GAAP. Some of the most prominent rules are rules of prudence, principle of materiality, principle of materiality and principle of consistency.

These rules are meant to maintain consistency in the way financial statements are prepared in the companies in the US.

Also read:

• MCQs on GAAP
• GAAP (Generally Accepted Accounting Principles)
• Difference Between GAAP and IFRS

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