What does 'GAAP' stand for?

The term 'GAAP' stands for Generally Accepted Accounting Principles. These principles are a set of rules and standards used in financial accounting and reporting to ensure consistency, transparency, and comparability of financial statements across different entities and time periods. GAAP encompasses a wide range of accounting practices and guidelines that help ensure that financial reports are reliable and reflect a true and fair view of an organization's financial position. It is crucial for auditors, investors, and regulators to have a common framework for understanding and interpreting financial information, which is what GAAP provides.

Other options provided do not represent established standards in accounting. While they may contain terminology related to accounting and auditing, they do not align with the recognized framework set forth for financial reporting, which is specifically defined as GAAP.