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What does GAAP stand for?

What does GAAP stand for? A Group audit and accountancy policy C Generally accepted audit policy B Generally accepted accounting principles D Guidelines for accepted accounting principles

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تم إضافة السؤال من قبل Md Jiyaul Abdula , Senior Project Accountant , Gate City Trading and Contracting
تاريخ النشر: 2013/09/26
Vinod Jetley
من قبل Vinod Jetley , Assistant General Manager , State Bank of India

It is B.

Suprio ghosh
من قبل Suprio ghosh , Dy. Gen. Manager Accounts & Finance. ( CFO ) , Motherson Advanced Tooling Solutions

Generally the abbreviation GAAP stands for "Generally Accepted Accounting Principles". It is a set of standards/Procedures which is followed by the companies while submitting their Financial statements.

Muhammad Sohail Ahmad
من قبل Muhammad Sohail Ahmad , Accountant , Lahore Medical & Dental College

GAAP stands for: "Generally Accepted Accounting Principles"

Abdul Wahab Mohamed Azmy
من قبل Abdul Wahab Mohamed Azmy , Chief Accountant , Bahrain Development Centre

GAAP stands for "Generally Accepted Accounting Principles," a collection of commonly followed accounting rules and standards for financial reporting.

GAAP specifications include definitions of concepts and principles, as well as industry-specific rules. The purpose of GAAP is to ensure that financial reporting is transparent and consistent from one organization to another.

mukkur srinivasan varadhan
من قبل mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice

B. Generally accepted accounting practices.

Md. Shahrier Aswad
من قبل Md. Shahrier Aswad , Accounts Officer, Finance & Accounts Department , Center for the Rehabilitaion of the Paralysed (CRP)

GAAP stands for "Generally Accepted Accounting Principals"- answer is B.

GAAP is usually a collection of  accounting rules and standards which are commonly followed by industry or community for preparation and reporting of financial statements.

Said Shaban
من قبل Said Shaban , Accountant , Tri State Materials Testing

The correct answer is : B- Generally Accepted Accounting Principles 

Ahmed Said
من قبل Ahmed Said , C.F.O , Al-Tanmia Modern Investments, DIB

First GAAP was generated in USA since about10 years ago in parallel of SOX. failure and  meant :

Group of Audit and Accountancy Policy (as reported and registered auditing security factors against frauds)

Second it was known as General Accepted Auditing Policy Third and currently means General Accepted Accounting Principles

Forth and other meaning as Guidelines for Accepted Accounting Principles

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