Difference between revisions of "Generally Accepted Accounting Principles"

Revision as of 19:08, 17 December 2018

Generally Accepted Accounting Principles (better known by the acronym; hereinafter, GAAP) is the procedures and guidelines that must be followed during the accounting process.

Generally Accepted Accounting Principles. The procedures and guidelines that must be followed during the accounting process.

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.

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-[[Generally Accepted Accounting Principles]] (alternatively known as [[byby]]; hereinafter, the ''byby'') is .
+[[Generally Accepted Accounting Principles]] (better known by the acronym; 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]].
+:[[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 report]]s that are required by laws.