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Defind GAAP

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Defind GAAP

Posted by Bitsiewdor Nongrang 4 years ago

CBSE > Class 11 > Accountancy

1 answers

Meghna Thapar 4 years ago

Generally Accepted Accounting Principles is the accounting standard adopted by the U.S. Securities and Exchange Commission. Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.

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