Match each Item with its definition.
•a principle that states that financial statements of a business should
fully disclose all transactions that the business made
•a principle that involves caution while estimating expenses or profits
•the body that established GAAP
•the stock market regulator
-Security and Exchange Commission
- financial accounting standards board
-conservatism
-materiality

Materiality: it's a principle which states that the financial statements of a business should fully disclose all transactions that the business made.

What is GAAP?

GAAP is an abbreviation for Generally Accepted Accounting Principles and it comprises the financial accounting standards, procedures and principles that must be used by all public institutions operating in the United States of America.

Additionally, GAAP is the stock market regulator. Also, conservatism is a principle that involves exercising caution while estimating expenses or profits.

In conclusion, financial accounting standards board (FASB) is the body that established Generally Accepted Accounting Principles (GAAP).

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