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Generally Accepted Accounting Principles

Generally Accepted Accounting Principles

Nick Name
GAAP
Abbreviation
GAAP
Parent term
Accounting

Generally Accepted Accounting Principals (GAAP) are a consistent set of standards that help produce relevant and faithful information about a business that can be compared across companies in the same industry and across geographies

Goals of GAAP

  • Make it easier to compare companies in the same industry
  • Make it easier to compare companies across geographies

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