Which Statement Below Represents What GAAP Stands For

question 27

Multiple Choice

Which statement below represents what GAAP stands for?

• A)Generally Approved Accounting Practices.
• B)General Accepted Accounting Principles.
• C)Generally Anticipated Accounting Principles.
• D)Generally Accepted Accounting Policies.

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Definitions:

Internal Control Principles

Guidelines that govern the design and implementation of systems and procedures to ensure asset protection, data accuracy, and operational efficiency.

Possible Errors

Mistakes or inaccuracies that might occur in the recording or reporting of financial transactions.

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those shown on a bank statement to ensure they are in agreement.

Cash Balance

The amount of cash that a company, individual, or account has available at any given point in time.