Multiple choice

The double entry system of accounting is based on a set of principles, which are called GAAP. What is the full form of GAAP?

  1. Generally Applied Accounting Principles

  2. Generally Accepted Accounting Policies

  3. Generally Accepted Accounting Principles

  4. Generally Accepted Accounts Principles
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C Correct answer
Explanation

The fullform of GAAP is Generally Accepted Accounting Principles.

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