what is GAAP and when it was established ?
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What is GAAP and when it was established ?
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GAAP, or Generally Accepted Accounting Principles, is a commonly recognized set of rules and procedures designed to govern corporate accounting and financial reporting. The SEC was created in the 1930s with an aim to curb stock manipulation and fraud in the United States (US).
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GAAP:- Generally Accepted Accounting Principles
It was established in the year 1973
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