BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Generally accepted accounting principles, or GAAP, are standards that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.

Detailed explanation-2: -Generally accepted accounting principles (GAAP) refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public companies in the U.S. must follow GAAP when their accountants compile their financial statements.

Detailed explanation-3: -Accrual basis accounting. In most cases, GAAP requires the use of accrual basis accounting rather than cash basis accounting.

Detailed explanation-4: -Why is GAAP Important? Generally Accepted Accounting Principles make financial reporting standardized and transparent, using commonly accepted terms, practices, and procedures.