A characteristic of generally accepted accounting principles include:

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Generally accepted accounting principles (GAAP) refer to a common set of standards, principles, and procedures that companies use to compile their financial statements. These principles have been developed over time by various standard-setting bodies and professional organizations and are universally recognized by the accounting industry. They are not based on federal statutes, do not require an affirmative vote of Certified Public Accountants, and are not defined by practices that become accepted for at least a year by all industry members.

A Characteristic of Generally Accepted Accounting Principles Include