Generally Accepted Accounting Principles – n or
adj : accounting term; usually referred to by its acronym GAAP; the guidelines,
rules, procedures and detailed practices in accounting that govern the practice
of accounting in the U.S.
The Financial Accounting Standards Board (FASB), a self-regulating group
organized by the accounting industry, determines, publishes and
administers/enforces GAAP standards.
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Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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