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What is GAAP?

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What is GAAP?

Posted by Chandray Majhi 6 years, 1 month ago

CBSE > Class 11 > Business Studies

1 answers

Yogita Ingle 6 years, 1 month ago

GAAP stands for Generally Accepted Accounting Principles. These are some commonly followed practices of accounting that have found some level of global acceptance. These accounting principles specify certain definitions, the accounting treatment for confusing entries, and even some industry-specific rules and procedures.

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