Generally Accepted Accounting Principles (GAAP) - Definition & Meaning Explanation

You will get...

• Meaning of Generally Accepted Accounting Principles (GAAP)
  
• Definition of Generally Accepted Accounting Principles (GAAP)
• Interpretation of Generally Accepted Accounting Principles (GAAP).

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Some random situations...

• production management
  
• Produce:
  
• Accounting equations
  

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Generally Accepted Accounting Principles (GAAP)

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Generally Accepted Accounting Principles (GAAP). In accounting , certain standards, rules, and concepts are followed around the world for preparing and presenting financial statements. These rules, regulations, and concepts are called Generally Accepted Accounting Principles, or GAAP for short.

These basic accounting principles are true and valid in accounting matters. Generally speaking, these accounting principles are used in every financial institution across the world, be it public or private institutions.

In accordance with these principles, the entity prepares a statement of assets, liabilities and equity.

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