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Gaap

• See Generally Accepted Accounting Principles.

• Is the acronym for Generally Accepted Accounting Principles.

 
 Embedded terms in definition
 Generally accepted accounting principles
 
 Referenced Terms
 Comprehensive annual financial report: Abbreviated CAFR. The official annual report for the City of Los Angeles. It includes combined statements for each individual fund and account group prepared in conformity with Gaap. It also includes supporting schedules necessary to demonstrate compliance with finance-related legal and contractual provisions, extensive introductory material, and a detailed Statistical Section.

 Earnings before interest, taxes, depreciation, and amortization: Although it is not defined by Gaap, EBITDA can be used to analyze a company's profitability. Differs from a Cash Flow statement by excluding changes in working capital and payments for taxes and interest. Calculated by adding Net Income, income taxes, Interest, Depreciation, and Amortization.

 Generally accepted accounting principles: Abbreviated Gaap. A technical accounting term that encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time.The practice, procedure, and standards used to prepare and maintain financial records, reports and statements; authorized by the Canadian Institute of Chartered Accountants (CICA) Handbook.The standard guidelines for financial accounting, including rules and standards for summarizing and recording transactions, and for the preparation of financial statements. Gaap accepts various accounting methods, and simply serves as a set of guidelines to help standardize procedures.

 Generally accepted accounting principles: Abbreviated Gaap. A technical accounting term that encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time.The practice, procedure, and standards used to prepare and maintain financial records, reports and statements; authorized by the Canadian Institute of Chartered Accountants (CICA) Handbook.The standard guidelines for financial accounting, including rules and standards for summarizing and recording transactions, and for the preparation of financial statements. Gaap accepts various accounting methods, and simply serves as a set of guidelines to help standardize procedures.

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