GAAP Stands For

question 34

Multiple Choice

GAAP stands for:

• A) generally accepted accounting principles.
• B) government approved accounting policy.
• C) generally accepted accounting practices.
• D) good auditing and accountancy practices.

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Definitions:

Electronic Funds Transfer

A digital transaction method where money is transferred from one account to another without the physical exchange of cash.

Drawer

A compartment for holding or storing items, or in financial terms, the person who writes a bill of exchange or check.

Payee

The party to whom payment of a promissory note is to be made.

Drawee

The party in a transaction who is directed to pay a certain amount of money, often seen in the context of a check or draft.