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Theory Base of Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountTheory Base of Accounting1 Mark
MCQ
What does GAAP represents?
  • A
    Generally Accepted Audit Procedure.
  • ✓
    Generally Accepted Accounting Principles.
  • C
    Generally Agreement on Audit Principles.
  • D
    General Agreement on Accounting Principles.
✓

Answer

Correct option: B.
Generally Accepted Accounting Principles.
Financial accounting is based on certain concepts and conventions.
These are called as Generally Accepted Accounting Principles.

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