Define And Identify Generally Accepted Accounting Principles.

A C CT 2 11 0. P rin cip le s o f A cco untin gD efin e a nd id entif y g enera lly a cce pte d a cco untin g p rin cip le s.G enera lly A cce pte d A cco untin g P rin cip le s ( G AAP) a re a s e t o f r u le s a nd g uid elin es th atc o m panie s in th e U nit e d S ta te s fo llo w w hen p re p arin g fin ancia l s ta te m en ts . T hese p rin cip le sp ro vid e a b asis fo r fin ancia l r e portin g a nd e nsu re th at fin ancia l s ta te m en ts a re c o nsis te nt,t r a nsp are nt, a nd c o m para ble .G AAP c o nsis ts o f a c o m bin atio n o f s ta n dard s, c o nve ntio ns, a nd p