Generally Accepted Accounting Principles
Generally Accepted Accounting Principles (GAAP) refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing, and in the preparation of financial statements.
Read more about Generally Accepted Accounting Principles: US GAAP, International Accounting Standards and Rules
Famous quotes containing the words generally, accepted, accounting and/or principles:
“I don’t generally feel anything until noon, then it’s time for my nap.”
—Bob Hope (b. 1903)
“For some reason a nation feels as shy about admitting that it ever went forth to war for the sake of more wealth as a man would about admitting that he had accepted an invitation just for the sake of the food. This is one of humanity’s most profound imbecilities, as perhaps the only justification for asking one’s fellowmen to endure the horrors of war would be the knowledge that if they did not fight they would starve.”
—Rebecca West (1892–1983)
“At the crash of economic collapse of which the rumblings can already be heard, the sleeping soldiers of the proletariat will awake as at the fanfare of the Last Judgment and the corpses of the victims of the struggle will arise and demand an accounting from those who are loaded down with curses.”
—Karl Liebknecht (1871–1919)
“It is not impossible, of course, after such an administration as Roosevelt’s and after the change in method that I could not but adapt in view of my different way of looking at things, that questions should arise as to whether I should go back on the principles of the Roosevelt administration.... I have a government of limited power under a Constitution, and we have got to work out our problems on the basis of law. Now, if that is reactionary, then I am a reactionary.”
—William Howard Taft (1857–1930)