Generally Accepted Accounting Principles

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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. The procedures and guidelines that must be followed during the accounting process.

Related concepts

Related coursework