Difference between revisions of "Generally Accepted Accounting Principles"
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| − | [[Generally Accepted Accounting Principles]] (better known by | + | [[Generally Accepted Accounting Principles]] (better known by its acronym, [[GAAP]]; hereinafter, ''GAAP'') is the procedures and guidelines that must be followed during the accounting process. |
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==Related concepts== | ==Related concepts== | ||
| − | *[[International Financial Reporting Standards]]. A group of accounting standards and procedures that if adopted by the [[United States]] could replace | + | *[[International Financial Reporting Standards]]. A group of accounting standards and procedures that if adopted by the [[United States]] could replace ''GAAP''. |
*[[Bookkeeping]]. Recording, filing, and retrieving of [[financial data]], as well as producing those [[financial report]]s that are required by laws. | *[[Bookkeeping]]. Recording, filing, and retrieving of [[financial data]], as well as producing those [[financial report]]s that are required by laws. | ||
Latest revision as of 05:54, 27 October 2019
Generally Accepted Accounting Principles (better known by its acronym, GAAP; hereinafter, GAAP) is the procedures and guidelines that must be followed during the accounting process.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Generally Accepted Accounting Principles. The procedures and guidelines that must be followed during the accounting process.
Related concepts
- International Financial Reporting Standards. A group of accounting standards and procedures that if adopted by the United States could replace GAAP.
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
