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generally accepted accounting principles (GAAP)

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

The general guidelines and principles, standards and detailed rules, plus industry practices that exist for financial reporting. Often referred to by its acronymn GAAP. To learn more, see Explanation of Accounting Principles.

Dictionary

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  • Debits and Credits
  • Adjusting Entries
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  • Balance Sheet
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  • Financial Ratios
  • Bank Reconciliation
  • Accounts Receivable and Bad Debts Expense
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  • Inventory and Cost of Goods Sold
  • Depreciation
  • Payroll Accounting
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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