General Accepted Accounting Principles
General Accepted Accounting Principles (GAAP) are a set of standardized guidelines and procedures for financial accounting used by companies to ensure consistency and accuracy in reporting financial information. These principles encompass the conventions, rules, and procedures necessary to define accepted accounting practices at a given time. GAAP aims to provide transparency and reliability in financial reporting, making it easier for investors, stakeholders, and regulators to understand and compare financial information across different companies.