GAAP

Definition

Generally Accepted Accounting Principles. A widely accepted set of rules, conventions, standards, and procedures for reporting financial information, as established by the Financial Accounting Standards Board.

Use GAAP in a sentence

If you want to make things easier for any new hires then you should always use GAAP when keeping your records.

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You should always use the GAAP so that anyone who looks over your records will be able to quickly figure them out.

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When my company wanted to hire a new accountant, we made sure to hire someone who understood the new rules for accounting and had a strong grasp of GAAP so we would not have to train them on the job.

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FASB audited financial statements