standard accounting practice


A set of rules that a company must follow when reporting information on its financial statement. The standard accounting practice guidelines allow companies to be compared to each other because they have followed the same rules. The standard methods in the U.S. are referred to as Generally Accepted Accounting Principles.

Use this term in a sentence

It was a standard accounting practice and that was good because it set rules for everyone and allowed them to work better.

​ Was this Helpful? YES  NO 4 people found this helpful.

Standard accounting practice has to be followed so that companies and everybody else involved can read the statements of account.

​ Was this Helpful? YES  NO 10 people found this helpful.

Usually, a business will have no reason to not comply with the standard accounting practice, unless they have something to hide off the books.

​ Was this Helpful? YES  NO 5 people found this helpful.

Show more usage examples...

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
held-for-trading security Cost Of Goods Sold