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.
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