Question

introduction on gaap​

Answer 1

Answer:

Generally accepted accounting principles (GAAP) refer to a common set of accounting principles, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public companies in the United States must follow GAAP when their accountants compile their financial statements.

Answer 2

Answer:

GAAP

generally accepted accounting principles.

principal of accounting are the general law or rules adopted or proposed as a guide to action, a settled ground or basis of conduct or practice. According to American Institute of Certified Public Accountants (AICPA).

GAAP have substantial authoritative support and general acceptability. GAAP must be relevant, objective and feasible.