Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses GAAP as the foundation for its comprehensive set of approved accounting methods and practices.

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Question

Generally Accepted Accounting Practices - What GAAP means?

Answer

In order to clarify and standardize the ins and outs of corporate and commercial accounting, a body of standards known as generally accepted accounting principles (GAAP) has been developed. Accounting principles and procedures developed and maintained by the Financial Accounting Standards Board (FASB) are based on generally accepted accounting principles (GAAP).

Generally Accepted Accounting Practices - What GAAP means?

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