Question

GAAP stands for ______.

पर्याय

• Governor accepted accounting principles

• Generally avoided accounting principles

• Generally accepted accounting principles

• Governor avoided accounting principles

Answer 1

GAAP stands for Generally accepted accounting principles.

Explanation: 

Accounting is the language of business. In order to make this language precise, accounting authorities have developed certain basic rules. These man-made rules of accounting are called Generally Accepted Accounting Principles.