The conventions, concepts, rules, and procedures that together make up accepted accounting practice at any given time are called ___

a) AICPA

b) GAAP

c) GAPA

d) None of the above

Detail:

GAAP (generally accepted accounting principles) is a collection of commonly followed accounting rules and standards for financial reporting. The acronym is pronounced gap. GAAP specifications include definitions of concepts and principles, as well as industry-specific rules.


Post a Comment

0 Comments