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Generally Accepted Accounting Principles

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

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    Generally Accepted Accounting Principles (GAAP) refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally ...
     
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    In the United States, Generally Accepted Accounting Principles are accounting rules used to prepare, present and report financial statements for a wide variety of ...
     
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    The general guidelines and principles, standards and detailed rules, plus industry practices that exist for financial reporting.