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:
“In doing good, we are generally cold, and languid, and sluggish; and of all things afraid of being too much in the right. But the works of malice and injustice are quite in another style. They are finished with a bold, masterly hand; touched as they are with the spirit of those vehement passions that call forth all our energies, whenever we oppress and persecute..”
—Edmund Burke (1729–97)
“I think the most important education that we have is the education which now I am glad to say is being accepted as the proper one, and one which ought to be widely diffused, that industrial, vocational education which puts young men and women in a position from which they can by their own efforts work themselves to independence.”
—William Howard Taft (1857–1930)
“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)
“To abandon oneself to principles is really to die—and to die for an impossible love which is the contrary of love.”
—Albert Camus (1913–1960)