5. **What does GAAP stand for?** A) General Accounting Assessment Principles B) Generally Accepted Accounting Principles C) Government Accounting

Generally accepted accounting principles play an important role in financial reporting.a. What is meant by the phrase generally accepted accounting principles?b. What are the major sources of these principles?c. Is there a single comprehensive list of generally accepted accounting principles? Explain. d. What types of accounting reports are prepared in conformity with generally accepted account-ing principles?

The initials GAAP stand for a.generally accepted accounting principles b.generally accepted plans c.generally accepted accounting practices d.general accounting procedures