Definition of Generally accepted accounting principles (GAAP)

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TeachMeFinance.com - explain Generally accepted accounting principles (GAAP)



Generally accepted accounting principles (GAAP)

The term 'Generally accepted accounting principles (GAAP)' as it applies to the area of energy can be defined as ' Defined by the FASB as the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time, includes both broad guidelines and relatively detailed practices and procedures'.

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Mark McCracken

Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English".


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