What is GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)?

Standardized broad guidelines and detailed procedures for financial statement preparations and specific accounting situations resolution. Managed set of authoritative rules, practices, and conventions.

More On This Topic
  1. How To Calculate 263A
  2. Nepotism, Cronyism, & Favoritism: Illegal Or Unethical?
  3. Predatory Lending: How To Avoid It And Legal Actions You Can Take
  4. Three Surprising Facts About Conciliation
  5. How to Get a Job in Legal Office Management and Administration
  6. How To Sue Someone For Slander
  7. How Do You Prove a Defamation of Character Claim?
  8. What Is Police Brutality?
  9. What Is a Forensic Audit?
  10. Nine Debt Collector Tactics That Violate The Federal Debt Collections Practices Act

Related Legal Terms
CHANGE IN ACCOUNTING PRINCIPLES, GENERALLY ACCEPTED AUDITING STANDARDS (GAAS), PRINCIPLES-BASED ACCOUNTING, GENERALLY RECOGNIZED ACCOUNTING PRACTICE (GRAP), ACCOUNTING PRINCIPLES BOARD, NON-GAAP, ACCOUNTING CONCEPTS, ACCOUNTING CONTROL SYSTEM, GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB), FASB STATEMENTS OF FINANCIAL ACCOUNTING CONCEPTS (SFAC)


Link to This Definition
Did you find this definition of GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary