What does generally accepted accounting practices mean?
Definitions for generally accepted accounting practices
gen·er·al·ly ac·cept·ed ac·count·ing prac·tices
This dictionary definitions page includes all the possible meanings, example usage and translations of the word generally accepted accounting practices.
Wikipedia
generally accepted accounting practices
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.
Numerology
Chaldean Numerology
The numerical value of generally accepted accounting practices in Chaldean Numerology is: 3
Pythagorean Numerology
The numerical value of generally accepted accounting practices in Pythagorean Numerology is: 6
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"generally accepted accounting practices." Definitions.net. STANDS4 LLC, 2024. Web. 24 Apr. 2024. <https://www.definitions.net/definition/generally+accepted+accounting+practices>.
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