The initials GAAP stand for a. General Accounting Procedures b. Generally Accepted Plans c. Generally Accepted Accounting Principles d. Generally Accepted Accounting Practices

The correct answer is c. Generally Accepted Accounting Principles. GAAP refers to a set of guidelines, standards, and procedures that are recognized and adopted by the accounting industry for the preparation and reporting of financial statements. These guidelines ensure that financial information is transparent, consistent, and comparable across different organizations. The adoption of GAAP by businesses and other organizations promotes trust and confidence among investors, creditors, and other stakeholders, and helps to maintain the integrity and accuracy of financial reporting.