![]() In this article, we define the phrase "generally accepted accounting principles" (GAAP), discuss some fundamental accounting ideas and answer a few frequently asked questions about the topic. If you're seeking a role in accounting, finance, business or a related field, you may benefit from learning about key industry regulations and foundational concepts of accounting. ![]() By doing so, they can communicate important financial information to the public, investors and other company stakeholders. ![]() Accounting professionals have an obligation to adhere to official industry standards when conducting financial reporting. ![]()
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