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TeachMeFinance.com - explain gap gap -- the difference between the dollar value of assets and liabilities with the same remaining term to maturity and repricing. The gap is usually expressed as a percentage of assets. ...not to be confused with.... GAAP -- see generally accepted accounting principles. generally accepted accounting principles (GAAP) -- accounting rules and procedures adopted by the accounting profession to facilitate uniformity in preparing financial statements. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.