Which of the following statements describes gaap? a. gaap standards are written and regulated by the government. b. it is legally required that all companies meet gaap standards. c. companies that meet gaap standards usually use cash basis accounting. d. gaap recommends accrual basis accounting.

Answer

GAAP recommends accrual basis accounting.

Explanation

Generally accepted accounting(GAAP) These are the collections of the very most commonly used and followed rules and  the required standards used in accounting tor the purposes of financial reporting. GAAP consists of three important sets of rules which are the basic accounting principles and guidelines,detailed rules and standards and accounting principles and procedures that a company must follow when compiling their financial statements.