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Generally accepted accounting principles (gaap) wants information to have faithful representation.
The term "GAAP" (generally accepted accounting principles) refers to a set of widely used standards and accounting procedures for financial reporting. Gap is how the acronym is pronounced. Definitions of concepts and guiding principles are included in GAAP specifications, along with industry-specific regulations.
An illustration of GAAP is what? The whole field of financial reporting is covered by GAAP rules. For instance, GAAP establishes the formats for income statements, the financial periods that must be included, and the reporting of cash flow. The term "GAAP" stands for "Generally Accepted Accounting Principles," sometimes known as "US GAAP.
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