What are the generally accepted accounting principles?

Question

Adel Kamel · Answer

Generally Accepted Accounting Principles (GAAP) is a framework of accounting standards, rules and procedures defined by the professional accounting industry, which has been adopted by nearly all publicly traded U.S. companies.

Mahmoud Shaaban Galal Gooda · Answer

They are a common group of standards and procedures that companies must follow when they prepare their financial statements.

Albina Rayes · Answer

Generally accepted accounting principles are common standards that guide accountants in reporting ecomical events.

Soliman Abd ALmalak Gendy · Answer

I agree with  MR Mohammed  answer

Mohammed El Tahir Mohammed Yousif · Answer

Generally accepted accounting principles (GAAP) are a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements.

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What are the generally accepted accounting principles?

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