GAAP

(noun)

Generally Accepted Accounting Principles (GAAP) refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards.

Related Terms

Examples of GAAP in the following topics:

  • Financial Statements Across Periods

    • Companies prepare three financial statements according to GAAP rules: the income statement, the balance sheet, and the cash flow statement.
    • Corporations report financial statements following Generally Accepted Accounting Principles (GAAP).

  • Consumers of Accounting Information

    • The body of rules that governs financial accounting in a given jurisdiction is the Generally Accepted Accounting Principles, or GAAP.
    • GAAP.

  • The Importance of Finance

    • Were generally accepted accounting principles (GAAP) followed?

  • Usage of Accounting Information

    • The body of rules that governs financial accounting is called Generally Accepted Accounting Principles, or GAAP.

  • Why an accounting system is important

    • Independent auditors of an organization's financial statements must provide written assurance in their report that such statements were prepared in accordance with Generally Accepted Accounting Principles (GAAP).