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	Accounting - GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP), THE ACCOUNTING SYSTEM, FINANCIAL STATEMENTS
		Accounting has been defined as "the language of business" because it is the basic tool for recording, reporting, and evaluating economic events and transactions that affect business enterprises.
		Generally accepted accounting principles (GAAP) are the guidelines, rules, and procedures used in recording and reporting accounting information in audited financial statements.
		Significant accounting policies are usually disclosed as the initial note or as a summary preceding the notes to the financial statements.
	www.referenceforbusiness.com /encyclopedia/A-Ar/Accounting.html (2252 words)

	Online Accounting Course \| Accounting Principles
		The phrase "generally accepted accounting principles" (or "GAAP") consists of three important sets of rules: (1) the basic accounting principles and guidelines, (2) the detailed rules and standards issued by FASB and its predecessor the Accounting Principles Board (APB), and (3) the generally accepted industry practices.
		Because of generally accepted accounting principles we are able to assume that there is consistency from year to year in the methods used to prepare a company's financial statements.
		This accounting principle assumes that it is possible to report the complex and ongoing activities of a business in relatively short, distinct time intervals such as the five months ended May 31, 2006, or the 5 weeks ended May 1, 2006.
	www.accountingcoach.com /online-accounting-course/09Xpg01.html (1625 words)

	Going Concern - GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
		The practice of accounting is based on generally accepted accounting principles (GAAP).
		The principle of historical cost dictates that assets and liabilities must be entered into accounting records at the cost the company paid for them when they were initially acquired, even if the market value changes significantly.
		Rather, accounting assumes that the business is a going concern and that the process will be completed; thus, the amount for which the partially completed shirts could be sold is irrelevant.
	www.referenceforbusiness.com /encyclopedia/For-Gol/Going-Concern.html (1068 words)

	Regulatory accounting and GAAP: the move towards reconciliation. (generally accepted accounting principles) (Accounting)
		Accounting principles for regulated industries often deviate from Generally Accepted Accounting Principles (GAAP) because GAAP are often inappropriate when applied to specialized industry practices and the financial reporting requirements of regulatory agencies.
		Because of specific accounting requirements demanded by regulators, however, some allowable costs may be included in a period other than the period in which the costs would be charged to expense by an unregulated company.
		They failed to identify the industries to which their guidelines applied and did not adequately define the accounting principles to be used by a regulated company in the preparation of general purpose financial statements.
	www.nysscpa.org /cpajournal/old/08033870.htm (2318 words)

	Meaning of Generally Accepted Accounting Principles
		Generally accepted accounting principles therefore is a technical term in accounting.
		Generally accepted accounting principles encompass the conventions, rules and procedures necessary to define accepted accounting practice at a particular time.
		Generally accepted accounting principles are conventional--that is, they become generally accepted by agreement...rather than formal derivation from a set of postulates or basic concepts.
	www.wku.edu /~jack.hall/gaap.html (696 words)

	Financial Accounting
		Managerial accounting contrasts with financial accounting in that managerial accounting is for internal decision making and does not have to follow any rules issued by standard-setting bodies.
		Under accrual accounting, even though employees may be paid in the next accounting period for work performed near the end of the present accounting period, the expense still is recorded in the current period since the current period is when the expense was incurred.
		Financial accounting is based on double-entry bookkeeping procedures in which each transaction is recorded in opposite columns of the accounts affected by the exchange.
	www.quickmba.com /accounting/fin (741 words)

	D13-3-8 - Generally Accepted Accounting Principles (Customs Act, Sections 48 to 53)
		This Memorandum outlines the manner in which generally accepted accounting principles are to be applied in determining the value for duty.
		In cases where financial statements, reports, or records are not audited, the generally accepted accounting principles usually followed in the preparation of audited statements in the branch of industry concerned should be applied.
		For these elements, the relevant accounting principles and practices generally accepted in the country of production are to be followed when preparing information for customs purposes.
	www.cbsa-asfc.gc.ca /E/pub/cm/d13-3-8/d13-3-8-e.html (914 words)

	Generally Accepted Accounting Principles Summary
		At the foundation of that hierarchy are the principles established by the FASB and its predecessors, the APB and the AICPA Committee on Accounting Procedure.
		Generally speaking, if there is a conflict between accounting principles relevant to the circumstances from one or more sources in Categories A, B, C, or D, the treatment specified by the source in the higher category is then followed.
		Accounting is more of an art than a science, these principles are not immutable laws like those in the physical sciences.
	www.bookrags.com /Generally_Accepted_Accounting_Principles (2007 words)

	III - Accounting
		SAP accounting is more conservative than generally accepted accounting principles (GAAP), as defined by the Financial Accounting Standards Board, to ensure that insurers have sufficient capital and surplus to cover insured losses.
		GAAP accounting focuses on a business as a going concern, while SAP accounting treats insurers as if they were about to be liquidated.
		Accounted for over the period in which the premium is earned, i.e., the policy period.
	www.iii.org /financial2/accounting (362 words)

	GAAP (Generally Accepted Accounting Principles) -- A complete definition
		GAAP is a framework of accounting standards, rules and procedures, defined by the professional accounting industry, which has been adopted by nearly all publicly traded U.S. companies.
		GAAP principles, which are updated regularly to reflect the latest accounting methodologies, are the definitive source of accounting guidelines that companies rely on when preparing their financial statements.
		GAAP rules and procedures are what govern corporate accountants when they present the details of a company's financial operations.
	www.streetauthority.com /terms/g/gaap.asp (574 words)

	80.20 - Generally Accepted Accounting Principles
		Generally accepted accounting principles (GAAP) are uniform minimum standards of and guidelines to financial accounting and reporting.
		General Fund - is used to account for all financial resources of the state not required to be accounted for in some other fund.
		General capital assets are capital assets used in the operations of governmental funds where the primary accounting purpose is to reflect the sources and uses of current financial resources.
	www.ofm.wa.gov /policy/80.20.htm (3056 words)

	BT Annual Report 1993 United States Generally Accepted Accounting Principles reconciliations
		Under US GAAP, all termination benefits, primarily severance payments, payments in lieu of notice and the associated cost of providing incremental pension benefits, are charged in the period in which employees and the group agree to termination terms.
		Under US GAAP, such goodwill is held as an intangible asset in the balance sheet and amortised over its useful life and only the unamortised portion is included in the gain or loss recognised at the time of divestment.
		Under UK GAAP, dividends are recorded in the year in respect of which they are declared (in the case of interim dividends) or proposed by the board of directors to the shareholders (in the case of final dividends).
	www.graphicappeal.com /btreport/united2.htm (804 words)

	FASAB: Generally Accepted Accounting Principles
		The term "generally accepted accounting principles" has a specific meaning for accountants and auditors.
		Category (a), officially established accounting principles, consists of Federal Accounting Standards Advisory Board (FASAB) Statements and Interpretations, as well as AICPA and FASB pronouncements specifically made applicable to federal governmental entities by FASAB Statements or Interpretations.
		The appropriateness of other accounting literature depends on its relevance to particular circumstances, the specificity of the guidance, and the general recognition of the issuer or author as an authority.
	www.fasab.gov /accepted.html (386 words)

	Revising GAAP for consolidations: join the debate. (generally accepted accounting principles)
		The issuance by the Financial Accounting Standards Board (FASB) of the Discussion Memorandum (DM) 'Consolidation Policy and Procedures' has opened the debate on possible changes that should be made on generally accepted accounting principles (GAAP) for the consolidation of financial statements.
		The FASB felt that the GAAP for consolidations, issued in 1959, should be reviewed considering the inadequacy of some standards, the obsolescence of others, the problems with the standards identified by the SEC and by the American Institute of Certified Public Accountants, and the international changes in standards regarding consolidated statements.
		Some people read into that principle such consolidation procedures as eliminating 100% of the profit on intercompany transactions rather than only the parent's percentage and accounting for purchases and sales of the subsidiary's stock after the parent has acquired control as treasury stock transactions with no gain or loss.
	www.nysscpa.org /cpajournal/old/12826669.htm (4031 words)

	GAAP - Generally Accepted Accounting Principles (Site not responding. Last check: 2007-09-17)
		Accounting principles are developed methods, practices and conventions used by managers and accountants to prepare financial reports.
		Generally accepted accounting principles evolve when these methods become widely used.
		Generally Accepted Accounting Principles (GAAP), are merely common methods of measuring and reporting financial data.
	www.ravenwerks.com /finance/gaap.htm (543 words)

	Accounting Courses (Site not responding. Last check: 2007-09-17)
		No accounting course other than 201 or 202 may be repeated more than once, except by petition signed by the department chair.
		Financial accounting reporting in concept as well as in accordance with generally accepted accounting principles.
		Accounting and reporting principles, standards and procedures applicable to governmental units and not-for profit institutions, i.e.
	cob.isu.edu /classes/AccountingCourses.asp (618 words)

	U.S. GAAP
		Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity
		Accounting for the Impairment or Disposal of Long-Lived Assets
		Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of
	cpaclass.com /gaap/gaap-us-01a.htm (2104 words)

	General Accepted Accounting Principles or GAAP: What does it mean? - LegalZoom.com
		Generally accepted accounting principles, or GAAP for short, are the accounting rules used to prepare and standardize the reporting of financial statements, such as balance sheets, income statements and cashflow statements, for publicly traded companies and many private companies in the United States.
		Measurement principles recognize and determine the timing and basis of items that enter the accounting cycle and impact the financial statements, such as the period in which transactions will be recorded.
		Because of the myriad of GAAP sources, accountants must rely on their own knowledge and professional judgment when deciding how the GAAP concepts should be interpreted and applied.
	www.legalzoom.com /articles/showarticle.asp?iArticleID=14076 (826 words)

	What drives earnings management? - Generally Accepted Accounting Principles Journal of Accountancy - Find Articles (Site not responding. Last check: 2007-09-17)
		The accounting literature defines earnings management as "distorting the application of generally accepted accounting principles." Many in the financial community (including the SEC) assume that GAAP deters earnings management.
		University of Seattle Accounting Professor Loyd C. Heath, who won the first AICPA Wildman Award for 1978 for his research on the evaluation of solvency through financial reporting, keeps tabs on report issuers' participation in accounting standard setting.
		The cause of the first failure is that GAAP confines the events financial report issuers are permitted to report mainly to only those that change the quantities of assets and liabilities, such as purchases, sales, receipts and payments.
	www.findarticles.com /p/articles/mi_m6280/is_4_190/ai_66527540 (765 words)

	We are proud to present our latest seminar on (Site not responding. Last check: 2007-09-17)
		A programme designed specifically for accountants and auditors at whatever level who need to learn and keep up to date with the latest accepted accounting principles and their implementation in practice.
		The programme covers the entire subject of financial accounting principles from the theory, through specific practice to acceptable reporting.
		Staff who all understand the fundamental and latest accounting principles – leading to consistently reliable and ethically prepared figures and financial statements.
	www.glomacs.com /publiccourses/2005/FI/FI12.html (468 words)

	What are the generally accepted accounting principles for inventory reserves?
		As with most matters related to generally accepted accounting principles (GAAP), accountants assigned with the task of applying GAAP to inventory reserves often use a significant amount of personal judgment.
		In the United States GAAP requires that inventory be stated at replacement cost, if there is a difference between the market value and the replacement value, but upper and lower boundaries are applied to the replacement cost of the inventory.
		It is important to recognize that GAAP is not a stagnant set of principles: rather, it changes to reflect changes in regulation and changes in standards employed by businesses operating in different industries throughout the economy as a whole.
	www.investopedia.com /ask/answers/05/070105.asp (767 words)

	Generally Accepted Accounting Principles (Site not responding. Last check: 2007-09-17)
		The Section clarifies that if the basis of accounting used to prepare financial statements in accordance with regulatory, legislative or contractual requirements conflicts with the requirements of the Section, that basis cannot be described as being in accordance with GAAP.
		The Section identifies some of the other sources that an entity might consult to assist in selecting accounting policies and disclosures when a matter is not dealt with explicitly in the primary sources of GAAP.
		These entities are required to comply with the disclosure requirements of GAAP and to disclose the nature of the differences between their accounting policies affected by rate regulation and those required by the primary sources of GAAP.
	www.cica.ca /index.cfm/ci_id/1596/la_id/1.htm (614 words)

	GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND THE INCOME TAX ACT
		The question about the use of generally accepted accounting principles (GAAP) in the determination of income for tax purposes under the Income Tax Act has been subject to an ongoing debate for years.
		The conclusion is therefore that if there are 2 methods acceptable under GAAP but one method is not appropriate at all for tax purposes, then it is not a question of choosing between 2 acceptable methods, because only one method is appropriate for income tax purposes.
		If, however, there are 2 methods acceptable under GAAP and both methods are otherwise appropriate for tax purposes, it appears that the Court will prefer the method that produces the better picture of income.
	www.taxpage.com /Articles/taxart7.htm (355 words)

	Accounting
		The study of generally accepted auditing standards, the auditing profession and audit practice, and the auditing process applied to corporate financial statements.
		The study of generally accepted accounting principles with an emphasis on corporate mergers and acquisitions, international business activities, and financial reporting by governments, nonprofits, and partnerships.
		Emphasis is on the study of accounting history, directions of accounting research, the standard setting process, accounting regulation and approaches to accounting education.
	sbt.htu.edu /Default.aspx?tabid=95 (537 words)

	Full Cost Accounting: Principles
		Generally Accepted Accounting Principles (GAPP) consist of the rules, procedures, and conventions that define accepted practices at a given time.
		FCA accounts for all overhead and indirect costs, including those that are shared with other public agencies.
		Paths are the directions that MSW follows in the course of integrated solid waste management (i.e., the point of generation through processing and ultimate disposition) and include recycling, composting, waste-to-energy, and land disposal.
	www.epa.gov /epaoswer/non-hw/muncpl/fullcost/principl.htm (626 words)

	NACUBO \| Generally Accepted Accounting Principles (GAAP)
		Generally accepted accounting principles (GAAP) are a common set of standards and procedures established by authoritative accounting rule-making bodies.
		Specifically, Rule 203 of this Code prohibits a member of the AICPA from expressing an opinion that financial statements conform with GAAP if those statements contain a material departure from a generally accepted accounting principle, unless the member can demonstrate that because of unusual circumstances the financial statements would otherwise have been misleading.
		These documents are considered to have substantial authoritative support because they have been exposed for public consideration and subjected to public hearings, and their issuance approved by an affirmative vote by a majority of the members of the professional body who issued the document.
	www.nacubo.org /x416.xml?ss=pf (315 words)

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