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Question: GAAP's are:
a) Generally Accepted Accounting Policies
b) Generally Accepted Accounting Principles
c) Generally Accepted Accounting Provisions
d) None of these

Answer: (b)
Description: GAAP's mean Generally Accepted Accounting Principles. The term GAAP is used to describe rules developed for the preparation of the financial statements and are called concepts, conventions, postulates, principles etc. These GAAP's are back bone of the accounting information system. GAAP's and Accounting Standards together are known as the theory base of accounting.



Category Fundamentals of Accounting Interview Questions & Answers - Exam Mode / Learning Mode
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Question: GAAP's are:
a) Generally Accepted Accounting Policies
b) Generally Accepted Accounting Principles
c) Generally Accepted Accounting Provisions
d) None of these

Answer:

(b)
Description: GAAP's mean Generally Accepted Accounting Principles. The term GAAP is used to describe rules developed for the preparation of the financial statements and are called concepts, conventions, postulates, principles etc. These GAAP's are back bone of the accounting information system. GAAP's and Accounting Standards together are known as the theory base of accounting. Source: CoolInterview.com



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