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Write the meaning of the universally accepted principle of accounting Generally Accepted Accounting principle GAAP



User Shakisha
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The Generally Accepted Accounting Principles (GAAP) refer to a set of standardized guidelines, rules, and conventions that govern the way financial statements are prepared and presented. These principles ensure consistency, transparency, and comparability in financial reporting across different businesses and industries. GAAP provides a common framework for recording transactions, measuring financial performance, and disclosing information, allowing investors, stakeholders, and regulators to understand and assess the financial health of an organization accurately.
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