"GAAP" stands for "Generally Accepted Accounting Principles." These are a set of accounting standards, principles, and procedures that are widely recognized and used by companies and organizations to prepare and present their financial statements. The purpose of GAAP is to ensure consistency, comparability, and transparency in financial reporting. By following GAAP, companies can provide users of their financial statements, such as investors, creditors, and regulators, with reliable and meaningful information about the organization's financial position, performance, and cash flows. GAAP is not a single set of rules, but rather a collection of principles and guidelines established by standard-setting bodies, such as the Financial Accounting Standards Board (FASB) in the United States and the International Accounting Standards Board (IASB) globally.
What does "subrogation" mean in the context of insurance?
What is coverage for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance ...
A risk or damage covered by an insurance policy is called as?
The maximum foreign direct investment (FDI) allowed in Indian insurance companies is:
What is NOT a common express condition in an insurance policy?
In case of a motor accident, the first step to be taken by the insured is to:
What is the primary goal of risk management?
___________ is the liability arising from contractual agreements in which it is stated that some losses, if they occur, are to be borne by specific part...
A motor insurance cover note is valid for how many days?
Which of the following insurance is mandatory for all vehicles plying on public roads in India?
