Definitions for generally accepted accounting principles
gen·er·al·ly ac·cept·ed ac·count·ing prin·ci·ples

Princeton's WordNetRate this definition:0.0 / 0 votes

1. generally accepted accounting principles, GAAPnoun

   a collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures

WikipediaRate this definition:0.0 / 0 votes

1. generally accepted accounting principles

   Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders. Some firms operate on the cash method of accounting which can often be simple and straight forward. Larger firms most often operate on an accrual basis. Accrual basis is one of the fundamental accounting assumptions and if it is followed by the company while preparing the Financial statements then no further disclosure is required. Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required. Some important elements that accounting standards cover include: identifying the exact entity which is reporting, discussing any "going concern" questions, specifying monetary units, and reporting time frames.

ChatGPTRate this definition:0.0 / 0 votes

1. generally accepted accounting principles

   Generally Accepted Accounting Principles (GAAP) refers to a set of common rules, standards, and procedures that accountants and companies must follow when they compile their financial statements. It ensures consistency, transparency, and comparability in financial reporting and is primarily used in the United States. GAAP is established and maintained by the Financial Accounting Standards Board (FASB).

WikidataRate this definition:0.0 / 0 votes

1. Generally accepted accounting principles

   Generally accepted accounting principles refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards or standard accounting practice. These include the standards, conventions, and rules that accountants follow in recording and summarizing and in the preparation of financial statements.

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How to pronounce generally accepted accounting principles?

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How to say generally accepted accounting principles in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of generally accepted accounting principles in Chaldean Numerology is: 3

2. Pythagorean Numerology

   The numerical value of generally accepted accounting principles in Pythagorean Numerology is: 6

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=generally accepted accounting principles
2. ^ Wikipedia
   https://en.wikipedia.org/wiki/Generally_Accepted_Accounting_Principles
3. ^ ChatGPT
   https://chat.openai.com
4. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=generally accepted accounting principles