Question:easy

US GAAP is associated with

Show Hint

GAAP expands to Generally Accepted Accounting Principles, so think about which field sets rules for preparing financial statements.
Updated On: Jul 13, 2026
  • ranking of companies
  • accounting practices
  • health services
  • none of these
Show Solution

The Correct Option is B

Solution and Explanation

Step 1: Understanding the Concept:
GAAP is an abbreviation used in finance and accounting. We need to identify which field it belongs to.

Step 2: Key Formula or Approach:
Expand the abbreviation first: GAAP means Generally Accepted Accounting Principles. Once the full name is clear, the correct field follows directly from it.

Step 3: Detailed Explanation:
Since GAAP is a set of accounting principles, it governs how a company records transactions, values assets, and presents financial statements. US GAAP is the version of these principles used by companies in the United States, and it is compared often with IFRS, the international accounting standard. This has nothing to do with company rankings, which come from credit rating agencies, or with health services, which belong to medicine.

Step 4: Final Answer:
US GAAP is associated with accounting practices.
\[ \boxed{\text{accounting practices}} \]
Was this answer helpful?
0

Top Questions on Economy

Questions Asked in XAT exam

Read the scenario and answer the question:
The upper hinge of a dataset is the median of all the values to the right of the median of the dataset in an ascending arrangement, while the lower hinge of the dataset is the median of all the values to the left of the median of the dataset in the same arrangement.
For example, consider the dataset 4, 3, 2, 6, 4, 2, 7. When arranged in the ascending order, it becomes 2, 2, 3, 4, 4, 6, 7. The median is 4 (the bold value), and hence the upper hinge is the median of 4, 6, 7, i.e., 6. Similarly, the lower hinge is 2. 
A student has surveyed thirteen of her teachers, and recorded their work experience (in integer years). Two of the values recorded by the student got smudged, and she cannot recall those values. All she remembers is that those two values were unequal, so let us write them as A and B, where A < B. The remaining eleven values, as recorded, are: 5, 6, 7, 8, 12, 16, 19, 21, 21, 27, 29. Moreover, the student also remembers the following summary measures, calculated based on all the thirteen values: 
Minimum: 2
Lower Hinge: 6.5 
Median: 12 
Upper Hinge: 21 
Maximum: 29
View Solution
Read the following scenario and answer the questions that follow.
A T20 cricket match consists of two teams playing twenty overs each, numbered 1 to 20. The runs scored in any over is a non-negative integer. The run rate at the end of any over is the average runs scored up to and including that over, i.e., the run rate at the end of the kth over is the average number of runs scored in overs numbered \(1, 2, …, k,\) where \(1 \leq k \leq 20, k\) a positive integer.
The following table indicates the run rate of a team at the end of some of the overs during a T20 cricket match (correct up to 2 decimal places), where \(1 \leq N – 2 < N + 6 \leq 20\), N a positive integer. It is also known that the team did not score less than 6 runs and more than 15 runs in any over.
Over NumberRun Rate
N-28.00
N7.43
N+28.11
N+48.45
N+68.08
View Solution