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:
“Tallulah [Bankhead] was the foremost naughty girl of her era but, in those days, “naughty” meant piquant, whereas values have so changed that now, in the 1970s, it generally means nauseating.”
—Anita Loos (1888–1981)
“The percept is the reality. It is not in propositional form. But the most immediate judgment concerning it is abstract. It is therefore essentially unlike the reality, although it must be accepted as true to that reality. Its truth consists in the fact that it is impossible to correct it, and in the fact that it only professes to consider one aspect of the percept.”
—Charles Sanders Peirce (1839–1914)
“I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
—Michel de Montaigne (1533–1592)
“It is always easier to fight for one’s principles than to live up to them.”
—Alfred Adler (1870–1937)