The author and editors take ultimate responsibility for the content. Generally accepted accounting principles, or GAAP, is a set of accounting standards followed by most U.S. businesses ...

According to generally accepted accounting principles (GAAP), there are two criteria a company must meet before it can record ...

J.P. Nodier / Getty Images Generally accepted accounting principles (GAAP ... in the market value of the inventoried asset. For example, let's say a company produces crude oil at a cost of ...