Define and describe Generally Accepted Accounting Principles GAAP

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“Generally Accepted Accounting Principles (GAAP) are uniform minimum standards of, and guidelines to, financial accounting and reporting. The Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB), and the Federal Accounting Standards Advisory Board (FASAB) are authorized to establish these principles.” (AICPA, n.d.)

Financial Accounting strives to . . . 

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