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Questions
Define the term GAAP.
What are Generally Accepted Accounting Principles (GAAP)?
Define the term Generally Accepted Accounting Principles (GAAP).
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Solution
Accounting principles refer to the concepts, conventions and standards which are widely accepted and adopted by accountants while recording and reporting financial information. According to Robert Anthony, "the rules and conventions of accounting are commonly referred to as principles."
Notes
Students should refer to the answer according to their questions.
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