WebBasic accounting terms, acronyms, abbreviations and concepts to remember. ... Generally accepted accounting principles (GAAP) definition: A set of rules and guidelines developed by the accounting industry for companies to follow when reporting financial data. Following these rules is especially critical for all publicly traded companies. WebAug 30, 2024 · Accounting standards are critical to ensuring a company’s financial information and statements are accurate and can be compared to the data reported by other organizations. The two main sets of accounting standards followed by businesses are GAAP and IFRS. GAAP, also referred to as US GAAP, is an acronym for Generally …
What Are International Financial Reporting Standards (IFRS)? - Investopedia
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Accounting 101 for Beginners: Basic Terminology
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