Relevance to decision is the criteria for creating management accounting reports for internal consumers.
The term "GAAP" (generally accepted accounting principles) refers to a set of widely used standards and accounting procedures for financial reporting. Gap is how the acronym is pronounced. Definitions of concepts and guiding principles are included in GAAP specifications, along with industry-specific regulations.
The goal of GAAP is to establish a standardized, understandable, and comparable way of accounting. It guarantees the accuracy and consistency of a company's financial records. Business leaders should take note of this because it provides a thorough picture of the state of the organization.
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