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:
“Those disputing, contradicting, and confuting people are generally unfortunate in their affairs. They get victory, sometimes, but they never get good will, which would be of more use to them.”
—Benjamin Franklin (1706–1790)
“The salary cap ... will be accepted about the time the 13 original states restore the monarchy.”
—Tom Reich, U.S. baseball agent. New York Times, p. 16B (August 11, 1994)
“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)
“I have ever deemed it fundamental for the United States never to take active part in the quarrels of Europe. Their political interests are entirely distinct from ours. Their mutual jealousies, their balance of power, their complicated alliances, their forms and principles of government, are all foreign to us. They are nations of eternal war.”
—Thomas Jefferson (1743–1826)