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What is the primary accounting standard used in the United States?
What is the primary accounting standard used in the United States?
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What is the primary accounting standard used in the United States?
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GAAP (Generally Accepted Accounting Principles) is the primary accounting standard in the U.S.
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Q: What is the primary accounting standard used in the United States?
Solution:
GAAP (Generally Accepted Accounting Principles) is the primary accounting standard in the U.S.
Steps: 4
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Step 1: Understand that accounting standards are rules for how financial statements should be prepared.
Step 2: Learn that in the United States, there is a specific set of rules called GAAP.
Step 3: Know that GAAP stands for Generally Accepted Accounting Principles.
Step 4: Recognize that GAAP is used by companies to ensure their financial statements are consistent and transparent.
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