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Sanitation > Generally Accepted Accounting Principles (GAAP)
The following information is about Generally Accepted Accounting Principles (GAAP).
Generally Accepted Accounting Principles (GAAP) Defined
Uniform minimum standards of and guidelines to financial accounting and reporting. They govern the form and content of the basic financial statements of an entity. GAAP encompass the conventions, rules and procedures necessary to define accepted accounting practice at a particular time. They include not only broad guidelines of general application, but also detailed practices and procedures. GAAP provides a standard by which to measure financial presentations.
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