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Accounting and Finance
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Accounting and Finance
13 Oct, 04:13
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Accounting and Finance
20 Sep, 10:37
GAAP
It stands for Generally Accepted Accounting Principles. GAAP is a cluster of accounting standards and common industry usage that have been developed over many years. It is used by organizations to:
1. Properly organize their financial information into accounting records;
2. Summarize the accounting records into financial statements; and
3. Disclose certain supporting information.
One of the reasons for using GAAP is so that anyone reading the financial statements of multiple companies has a reasonable basis for comparison, since all companies using GAAP have created their financial statements using the same set of rules.
It stands for Generally Accepted Accounting Principles. GAAP is a cluster of accounting standards and common industry usage that have been developed over many years. It is used by organizations to:
1. Properly organize their financial information into accounting records;
2. Summarize the accounting records into financial statements; and
3. Disclose certain supporting information.
One of the reasons for using GAAP is so that anyone reading the financial statements of multiple companies has a reasonable basis for comparison, since all companies using GAAP have created their financial statements using the same set of rules.
Accounting and Finance
19 Sep, 06:07
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