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What are generally accepted accounting principles?.

Sagot :

Answer:

Generally accepted accounting principles (GAAP) are a common set of accounting rules and standards that dictate how financial statements are prepared.

Explanation:

Generally accepted accounting principles (GAAP) are a common set of accounting rules and standards that dictate how financial statements are prepared. Public companies, nonprofit organizations, and government entities are required to prepare financial statements in accordance with GAAP.

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