Question

expand the GAAP in according?​

Answer 1

Answer:

GAAP (Generally Accepted Accounting Principles) are accounting standards, conventions and rules. It is what companies use to measure their financial results. These results include net income as well as how companies record assets and liabilities.

Explanation:

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Answer 2

Answer:

What Do GAAP, or Generally Accepted Accounting Principles, Mean?

A unified set of accounting guidelines, methods, and standards known as generally accepted accounting principles (GAAP) were released by the Financial Accounting Standards Board (FASB). When their accountants put together a public company's financial statements, they must adhere to GAAP in the United States.

Explanation:

GAAP

Ten basic principles serve as the framework for GAAP, which is a set of regulations. The International Financial Reporting Standards (IFRS), which are seen as more of a principles-based norm, are frequently used as a comparison. There have recently been initiatives to move GAAP reporting to IFRS because it is a more global standard.

• The FASB's set of accounting regulations known as GAAP is what U.S. businesses must adhere to when creating their financial statements.
• The goal of GAAP is to make financial information more understandable, consistent, and comparable to other financial information.
• Pro forma accounting, a non-GAAP financial reporting technique, can be contrasted with GAAP.
• The main objective of GAAP is to guarantee the accuracy, consistency, and comparability of financial accounts for businesses.
• The majority of other jurisdictions utilize IFRS standards, while GAAP is mostly used in the United States.

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