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Defind GAAP |
| Answer» Generally Accepted Accounting Principles is the accounting standard adopted by the U.S. Securities and Exchange Commission.\xa0Generally accepted accounting\xa0principles, or\xa0GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. The Financial Accounting Standards Board (FASB) uses\xa0GAAP\xa0as the foundation for its comprehensive set of approved accounting methods and practices. | |