The Acronym GAAP Stands For

question 38

Multiple Choice

The acronym GAAP stands for:

• A) generally acceptable authorized pronouncements.
• B) government authorized accountant principles.
• C) generally accepted accounting principles.
• D) government audited accounting pronouncements.

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Definitions:

Cash Over and Short

An account that reports the discrepancies between the physical count of cash and the recorded amounts in a business's financial records.

Internal Control Procedures

Systems and policies put in place by a company to ensure the accuracy and integrity of financial and accounting information, prevent fraud, and comply with laws.

Cash Receipts

Money received by a business during a set accounting period, including revenue from sales, interest, dividends, and other cash inflows.

Voucher System

A control mechanism in accounting to ensure all business transactions are properly authorized and recorded.