Generally Accepted Accounting Principles

May 12th, 2015
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Generally accepted accounting principles (GAAP) refer to the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards or standard accounting practice. These include the standards, conventions, and rules that accountants follow in recording and summarizing and in the preparation of financial statements.

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Generally accepted accounting principles(GAAP) refer to the standard framework of guidelines forfinancial accountingused in any given jurisdiction; generally known asaccounting standardsorstandard accounting practice. These include the standards, conventions, and rules that accountants follow in recording and summarizing and in the preparation offinancial statements.Accountinghave established group of assumptions, those assumptions are the basics of financial accounting. At the same time, assumptions are not accounting principles, as they are more of agreed upon rules.Assu

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