Generally Accepted Accounting Principals (GAAP)


Generally Accepted Accounting Principals (GAAP)
A technical accounting term that encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time. The New York Times Financial Glossary

Financial and business terms. 2012.

Look at other dictionaries:

  • last in, first out — ( LIFO) One of the methods for accounting for business inventory permitted by generally accepted accounting principals ( GAAP). American Banker Glossary ( LIFO) An accounting method that fixes the cost of goods sold to the most recent purchases.… …   Financial and business terms

  • LIFO — last in, first out (LIFO) One of the methods for accounting for business inventory permitted by generally accepted accounting principals ( GAAP). American Banker Glossary ( last in, first out) An accounting method that fixes the cost of goods… …   Financial and business terms

  • Historical Cost — A measure of value used in accounting in which the price of an asset on the balance sheet is based on its nominal or original cost when acquired by the company. The historical cost method is used for assets …   Investment dictionary

  • APB Opinion — An authoritative pronouncement issued by the Accounting Principles Board. The official opinions were given on various accounting issues that required clarification or interpretation. The APB listed 31 separate opinions during its existence. The… …   Investment dictionary

  • Adverse Opinion — A professional opinion made by an auditor indicating that a company s financial statements are misrepresented, misstated, and do not accurately reflect its financial performance and health. Adverse opinions are usually given after an auditor s… …   Investment dictionary

  • Comfort Letter — A letter given to organizations or persons of interest by external auditors regarding statutory audits, statements and reports used in a prospectus. The comfort letter will be attached to the preliminary statements as assurance that it will not… …   Investment dictionary

  • Piecemeal Opinion — An auditor s assessment of the accuracy of a portion of a company’s financial statements. An auditor might provide a piecemeal opinion in a situation where complete information is not available. Generally Accepted Accounting Principals… …   Investment dictionary

  • Christopher Cox — For other people named Chris Cox, see Chris Cox (disambiguation). Christopher Cox 28th Chairman of the Securities and Exchange Commission In office August 3, 2005 – January 20, 2009 Presi …   Wikipedia


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