Generally Accepted Accounting Principles – n or adj : accounting term; usually referred to by its acronym GAAP; the guidelines, rules, procedures and detailed practices in accounting that govern the practice of accounting in the U.S. The Financial Accounting Standards Board (FASB), a self-regulating group organized by the accounting industry, determines, publishes and administers/enforces GAAP standards.

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Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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