Generally Accepted Accounting Principles

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

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