Question

What Is GAAP in Accounting?

Answer 1

GAAP stands for Generally accepted accounting principles. It refers to the set of accounting principles and standards and the most commonly accepted ways of reporting and recording of accounting information.

Also read:

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

Stay connected with BYJU’S for more such questions and answers on various commerce topics.