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What are the generally accepted accounting principles?

What are the generally accepted accounting principles?

Accounting Auditing Costing FM Finance
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Question added by Mohammed El Tahir Mohammed Yousif , Finance Manager , Factory of Golden Block Company for Cement Products
Date Posted: 2017/09/02
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Adel Kamel
by Adel Kamel , Tax Auditor , Federal Tax Authority

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
by Mahmoud Shaaban Galal Gooda , Trainee General Accountant , Business Compaq

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

Albina Rayes
by Albina Rayes , Accounts Payable Specialist , Valaris plc

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

Soliman Abd ALmalak Gendy
by Soliman Abd ALmalak Gendy , مدير ادارة مراقبة حسابات , الجهاز المركزى للمحاسبات

I agree with MR Mohammed answer

Mohammed El Tahir Mohammed Yousif
by Mohammed El Tahir Mohammed Yousif , Finance Manager , Factory of Golden Block Company for Cement Products

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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