Questions: GAAP stands for: Select one: generally accrued auditing procedures. generally accepted auditing practices. generally accepted accounting principles. generally accrued accounting principles.

GAAP stands for:
Select one:
generally accrued auditing procedures.
generally accepted auditing practices.
generally accepted accounting principles.
generally accrued accounting principles.

Transcript text: GAAP stands for: Select one: generally accrued auditing procedures. generally accepted auditing practices. generally accepted accounting principles. generally accrued accounting principles.

Solution

Answer

The answer is generally accepted accounting principles.

Explanation

Option 1: generally accrued auditing procedures

This option is incorrect. GAAP does not stand for generally accrued auditing procedures. Auditing procedures are different from accounting principles.

Option 2: generally accepted auditing practices

This option is incorrect. GAAP is related to accounting, not auditing. Auditing practices are governed by different standards.

Option 3: generally accepted accounting principles

This option is correct. GAAP stands for generally accepted accounting principles, which are a set of rules and standards used by accountants to prepare, present, and report financial statements.

Option 4: generally accrued accounting principles

This option is incorrect. The term "generally accrued accounting principles" is not a recognized term in the field of accounting. The correct term is "generally accepted accounting principles."

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