Multiple choice

The abbreviation GAPP stands for

  1. General Accepted Accounting Policies

  2. General Accepted Accounting Practices

  3. General Accepted Accounting Principles

  4. General Accounts and Audit Procedures

  5. None of these
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C Correct answer
Explanation

GAAP stands for Generally Accepted Accounting Principles, which are the standard framework of guidelines for financial accounting. The question contains a typo using 'GAPP' instead of 'GAAP', but the correct answer option identifies the proper meaning. These principles provide consistency and reliability in financial reporting across organizations.

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