US GAAP Overview | EDUCBA

Published: 27 September 2022
on channel: EDUCBA
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The management of any business must adhere to a set of accounting principles, standards, and regulations known as generally accepted accounting principles (GAAP), or GAAP, while creating its financial statements.

GAAP serves as a guide for accountants to consistently maintain consistency while preparing a firm's financial statements as well as acting as an obligation for a company to follow certain standard norms.

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