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True.GAAP are a combination of authoritative standards and commonly accepted ways of recording and reporting accounting information.
Answer is TRUE
True. GAAP(Generally Accepted Accounting Principles) is a set of accounting standards, rules, procedures and conventions for recording and reporting financial information.
Now IFRS(International Financial Reporting Standard) is commonly used for accounting standard over110 countries which is established by International Accounting Standard Board.
Correct
true
True. They are generally accepted rules in accounting which is followed by every certified public accountant in the US. Som accountants outside the USA abide by these nine standards in their accounting practices.
That's right
Yes True
yes
True.
Generally accepted accounting principles (GAAP) refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards or standard accounting practice. These include the standards, conventions, and rules that accountants follow in recording and summarizing and in the preparation of financial statements.
True
without gaap we cannot do accounts
