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 ...

Generally accepted accounting principles (GAAP) require that all inventory reserves be stated and valued using either the ...

All public companies in the U.S. are required to use generally accepted accounting principles (GAAP). Financial statements created using these principles are filed on a quarterly basis.

Reviewed by Charlene Rhinehart What Is GAAP? Generally Accepted Accounting Principles, often known by the acronym GAAP, is a set of accounting rules created to govern financial reporting for ...