GAAP is the acronym for generally accepted accounting principles


GAAP is the acronym for generally accepted accounting principles. GAAP consists of the following:

  • Basic underlying accounting principles, assumptions, and concepts
  • Detailed reporting standards and other rules established and organized by the Financial Accounting Standards Board (FASB)
  • Generally accepted industry practices
  1. For your initial post, do the following:
    • Use the internet or PMI library to research one of the following basic underlying accounting principles:
      • Economic Entity Assumption
      • Going Concern Assumption
      • Time Period Assumption
      • Monetary Unit Assumption
      • Cost Principle (or Measurement Principle)
      • Matching Principle (or Expense Recognition Principle)
      • Revenue Recognition Principle
      • Full Disclosure Principle
      • Industry Practices
    • Explain the principle . Be sure to discuss why it is important.

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