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GAAP for those that don't know simply means "Generally agreed Accounting principals" Are you sure you're an accountant? GAAP = Generally ACCEPTED Accountin
by caminante 11y ago
GAAP for those that don't know simply means "Generally agreed
Accounting principals"
Are you sure you're an accountant? GAAP = Generally ACCEPTED Accounting PRINCIPLES
- evolve2k 11y agoYes. The term is not legislatively defined, it is a term used in industry, over the years I've heard it defined both ways as "agreed" and "accepted", but I agree that accepted seems more common now. Talks to the point of why use of undefined acronyms can lead to confusion.