Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

15. GAAP vs IFRS

GAAP vs. IFRS: Introduction

Financial Accounting

15. GAAP vs IFRS

GAAP vs. IFRS: Introduction

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Multiple Choice

Financial accounting standards are known collectively as GAAP. What does that acronym stand for?

Generally Accepted Accounting Principles

Global Accounting and Auditing Practices

Governmental Accounting and Auditing Policies

General Agreement on Accounting Procedures

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Verified step by step guidance

Understand that GAAP is an acronym used in Financial Accounting to refer to a set of standards and principles.

GAAP stands for 'Generally Accepted Accounting Principles,' which are the rules and guidelines that govern financial reporting and accounting practices.

These principles ensure consistency, reliability, and comparability of financial statements across different organizations.

The other options provided in the question, such as 'Global Accounting and Auditing Practices,' 'Governmental Accounting and Auditing Policies,' and 'General Agreement on Accounting Procedures,' are incorrect as they do not represent the established meaning of GAAP.

Remember that GAAP is widely used in the United States and serves as the foundation for preparing financial statements in accordance with standardized practices.