generally accepted accounting principles
1
3.7
- noun
- /ˈdʒɛnərəli əˈsɛptɪd əˈkaʊntɪŋ ˈprɪnsəpəlz/
- Formal
:
principios de contabilidad generalmente aceptados
- OK, what do they teach you about generally accepted accounting principles in Wharton?
- generally accepted accounting principles (GAAP)
- in accordance with generally accepted accounting principles
- in conformity with generally accepted accounting principles
Examples
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This means that earnings management indicates practices that reflect management's desire to achieve its predefined objectives of showing the desired earnings number within the flexibility available to it for selection in accordance with the Generally Accepted Accounting Principles (Barth, 2014).
Academic text (2018) -
These non-GAAP measures are not prepared in accordance with Generally Accepted Accounting Principles.
Blog text (10) -
International investments may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles, or from economic or political instability in other nations.
Blog text (32) -
Iraqi companies practice earnings management in the preparation and presentation of the financial statements through deliberate intervention in accounting measurement and disclosure processes within the limits of generally accepted accounting principles or outside of them to influence declared earnings.
Academic text (2018) -
Additionally, future liabilities total $66.6 trillion based on generally accepted accounting principles (GAAP accounting) and using official data from the Medicare and Social Security annual reports and from the audited financial report of the federal government.
Blog text (10) -
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Academic text (2001) -
Companies must report their earnings using generally accepted accounting principles.
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Standard accounting rules are referred to in the United States as generally accepted accounting principles, or GAAP.
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As part of the record-keeping process, most government entities adopt generally accepted accounting principles.
Synonyms
4
6.9
A set of rules companies use to record and report money and business information
Surface Forms
Morphology
generally + accepted + accounting + principle
The meaning—‘a set of commonly accepted rules for accounting’—is directly derivable from the constituents: 'generally' (commonly), 'accepted' (approved), 'accounting' (financial record-keeping) and 'principles' (rules). Although the phrase is specialized jargon (GAAP), its composition is literal and cross-linguistically parallel, so a B1 learner who knows the component words can infer the overall meaning.
Etymology
Generally accepted accounting principles comes from the idea that accountants would 'generally' agree on one set of basic principles for accounting. It's like a shared rulebook so companies make reports the 'same' way and people can easily compare them.