Definition: Generally Accepted Accounting Principles refers to a set of widely accepted accounting standards, set by the FASB, and used to standardize financial accounting of public companies.
Also Known As: GAAP
"Generally Accepted Accounting Principles"
By F. John Reh, About.com
Explore Management
Must Reads
About.com Special Features
Building Your Small Business
Get the best tips on starting up and staying competitive. More >
Best Moves in a Bad Economy
Stay on top in this tough economy with our smart, easy-to-follow financial tips. More >
©2009 About.com, a part of The New York Times Company.
All rights reserved.