Generally accepted accounting principles are:

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Generally accepted accounting principles (GAAP) are a set of accounting principles, standards, and procedures that companies use to prepare their financial statements. They are required to ensure that financial statement information is relevant and faithfully represented to external stakeholders such as investors, lenders, and government agencies. GAAP is not just used for internal reporting or by auditors, but is also important for legal and regulatory compliance.

Generally Accepted Accounting Principles Are