Vocabulary Term: generally accepted accounting principles

This term is part of our Unit 4: Tax Accounting vs GAAP vocabulary list. Please note that pronunciations can vary slightly even in the same dialect.

Noun (thing)

USA

GAAP (generally accepted accounting principles)

USA

the common set of standards and procedures used by companies when preparing financial statements

USA

"All accountants should have a firm understanding of GAAP, and follow the principles closely."

ESP