By DeVry University
December 2, 2021
5 min read
December 2, 2021
5 min read
Generally Accepted Accounting Principles, more widely known as GAAP, are a set of guidelines and rules that all companies and accountants in the United States adhere to. These rules are set by the Financial Accounting Standards Board (FASB) in order to establish financial reporting standards and ensure that financial information is reported fairly and accurately. In this article, we will answer the question what are generally accepted accounting principles and explore the origins, uses, regulation and limitations of GAAP. Learn more about GAAP in the following sections:
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