Is GAAP part of accounting true or false?

Is GAAP part of accounting

true or false?

Solutions

Expert Solution

TRUE, GAAP is apart of accounting

GAAP stands for Generally Accepted Accounting Principles. The GAAP sets rules and standards for the publicly listed companies to follow when preparing financial statements. The accountants within the firm refer to GAAP for properly accounting for the transactions.

GAAP sets standards so that it is easier for the financial analysts to analyze and compare the performances of different companeis.

jeff jeffy answered 2 years ago

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