Answer:
A) The collection of accounting standards and conventions that has evolved over the years to govern the profession.
Explanation:
The meaning of G. A. A. P. is Generally Accepted Accounting Principles which means that it encompasses the whole range of accounting principles, rules and methods that companies and organizations use while preparing their financial statements. These principles are set with the objective of achieving universal aspirations; reliable and comparable financial information. They contain a plethora of guidelines regarding different aspects of accounting including, but not limited to, revenue, classification of balance sheet items and materiality. Therefore, G.A.A.P acts as the legal authority through which the accounting profession is held accountable to follow by professional accountants and other financial practitioners, in order to achieve accurate and ethical reporting.
Therefore, the correct answer choice is A).