Question

what is meant by GAAP

Answer 1

Answer:

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.

Answer 2

Answer:

Generally accepted accounting principles, or GAAP are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting.