The Initials GAAP Stand For

question 57

Multiple Choice

The initials GAAP stand for:

• A) General Acceptance of Accounting Procedures.
• B) Generally Accepted Accounting Plans.
• C) Generally Accepted Accounting Principles.
• D) Generally Accepted Accounting Practices.

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Definitions:

Plaintiff

The party who initiates a lawsuit in court seeking legal remedy from the defendant.

Contract

An agreement that is enforceable by law and involves two or more parties, making it legally binding.

Contractual Condition

A specific requirement outlined in a contract that must be met for the contract to be fully enforceable.

Satisfaction

The fulfillment or discharge of a debt, obligation, or penalty.