GAAP meaning in Accounts and Finance ?

Answer:

What is Generally Accepted Accounting Principles mean?

Publicly traded companies typically are subject to the most rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders. Some firms operate on the cash method of accounting which can often be simple and straight forward. Larger firms most often operate on an accrual basis. Accrual basis is one of the fundamental accounting assumptions and if it is followed by the company while preparing the Financial statements then no further disclosure is required. Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required.

Some important elements that accounting standards cover include: identifying the exact entity which is reporting, discussing any "going concern" questions, specifying monetary units, and reporting time frames.

reference

Full Form	Category
Generally Accepted Accounting Principles	Accounts and Finance
Growth At Any Price	Business
Generally Accepted Accounting Principals	Business
Generally Accepted Accounting Practice	Business
General Accepted Accounting Principle	Business
General Assistance Advocacy Project	Community
Generally Accepted Accounting Procedures	Computing
Grossly Altered Accounting Principles	General
General Aviation Airport Program	General
Georgetown Admissions Ambassador Program	General
Gainesville Area AIDS Project	General
Golgi Anti-Apoptotic Protein	General
Groupement des Agents des Automobiles Peugeot	General
General Aviation Airport Procedures	Governmental
General Aviation Aerodrome Procedures	Governmental
Greater Access to Affordable Pharmaceuticals Act of 2003	Governmental
Greater Access to Affordable Pharmaceuticals Act of 2003 fiscal year	Governmental
Generally Accepted Accounting Principle	Messaging