Generally Accepted Accounting Principles
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
- 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.
