Question

What do you understand by gaap?

Answer 1

Generally Accepted Accounting Principles (GAAP or US GAAP) are a collection of commonly-followed accounting rules and standards for financial reporting. ... The purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another.

Answer 2

Answer:

Generally Accepted Accounting Principles (GAAP or US GAAP) are a collection of commonly-followed accounting rules and standards for financial reporting. ... The purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another.