●what is general accepting accounting principles (GAAP) in accountancy???
Answers
Answered by
6
Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.
Answered by
4
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). ... GAAP aims to improve the clarity, consistency, and comparability of the communication of financial information.
Similar questions