Generally Accepted Accounting Principles

Definition

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

Use this term in a sentence

I was an accountant and I knew all about the generally accepted accounting principles that I had to live by.

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For the exam in his accounting course, Allen had to summarize the Generally Accepted Accounting Principles in his own words.

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We had consulted Generally Accepted Accounting Principles to obtain the best method for treating the unique record we entered in our accounting records.

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