Generally accepted accounting principles (GAAP) refers to

Generally accepted accounting principles (GAAP) refers to
A. the extent to which something can be sold for cash quickly and easily without loss of value.
B. the length of an asset’s life when it is issued.
C. a technical accounting term that encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time.
D. a report issued annually by a firm that includes, at a minimum, an income statement, a balance sheet, a statement of cash flows, and accompanying notes.

 

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