Question

Definition Of 'generally Accepted Accounting Principles - Gaap'?

Answer 1

Answer:

Explanation:

GAAP is short for Generally Accepted Accounting Principles. GAAP is a cluster of accounting standards and common industry usage that have been developed over many years. It is used by organizations to:

Properly organize their financial information into accounting records;

Summarize the accounting records into financial statements; and

Disclose certain supporting information.

Answer 2

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