Generally Accepted Accounting Principles (GAAP) November 13, 2019 by Abbas Ahmad What are Generally Accepted Accounting Principles (GAAP)? GAAP are the concepts and standards underlying accounting for financial reporting purposes. Related posts: 8 Things You Need to Remember When Creating a Winning Custom Office Envelope Design Difference between Finance and Accounting Methods and Principles of Codification of Materials Comparison between Cost Accounting and Financial Accounting Basic Principles of an Effective Budget