Accounting Quizzes-GAAP stands for:

Answer to Quiz

GAAP stands for:

Answer: (b), Generally accepted accounting principles
"GAAP" or "Generally Accepted Accounting Principles" are the overall rules and procedures that define accepted accounting practice.

Next Quiz:

The primary purpose of a balance sheet is:

(a) To summarize the income and loss of a company over a designated period of time
(b) To determine the amount of taxes owed
(c) To determine a company's cash flow
(d) To set forth the company's assets and liabilities at a point in time

Word of the Day

Mortgage Rate

A "mortgage rate" is the interest rate on a mortgage loan.

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Mortgage Rate

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