{"id":203657,"date":"2024-11-27T15:54:30","date_gmt":"2024-11-27T10:24:30","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=203657"},"modified":"2024-11-27T15:54:32","modified_gmt":"2024-11-27T10:24:32","slug":"generally-accepted-accounting-principles","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/generally-accepted-accounting-principles\/","title":{"rendered":"Generally Accepted Accounting Principles (GAAP) &#8211; UGC NET Commerce Notes"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/generally-accepted-accounting-principles\/#Historical_Background_of_Generally_Accepted_Accounting_Principles_GAAP\" >Historical Background of Generally Accepted Accounting Principles (GAAP)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/generally-accepted-accounting-principles\/#Core_Principles_of_Generally_Accepted_Accounting_Principles_GAAP\" >Core Principles of Generally Accepted Accounting Principles (GAAP)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/generally-accepted-accounting-principles\/#Benefits_of_Generally_Accepted_Accounting_Principles_GAAP\" >Benefits of Generally Accepted Accounting Principles (GAAP)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/generally-accepted-accounting-principles\/#Generally_Accepted_Accounting_Principles_GAAP_vs_Other_Accounting_Standards\" >Generally Accepted Accounting Principles (GAAP) vs. Other Accounting Standards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.oliveboard.in\/blog\/generally-accepted-accounting-principles\/#Challenges_of_Generally_Accepted_Accounting_Principles_GAAP\" >Challenges of Generally Accepted Accounting Principles (GAAP)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.oliveboard.in\/blog\/generally-accepted-accounting-principles\/#Generally_Accepted_Accounting_Principles_GAAP_Conclusion\" >Generally Accepted Accounting Principles (GAAP) Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.oliveboard.in\/blog\/generally-accepted-accounting-principles\/#UGC_NET_MCQ_based_on_Generally_Accepted_Accounting_Principles_GAAP\" >UGC NET MCQ based on Generally Accepted Accounting Principles (GAAP)<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Generally Accepted Accounting Principles (GAAP) are the standardized guidelines and frameworks that govern financial accounting and reporting practices. Essential for students preparing for the UGC NET Commerce exam, GAAP ensures consistency, transparency, and comparability in financial statements across organizations. This article delves into the key concepts, principles, and applications of GAAP, emphasizing their relevance for UGC NET aspirants. By understanding GAAP thoroughly, candidates can strengthen their grasp of financial accounting, a vital topic in the UGC NET Commerce syllabus. Whether you\u2019re revising fundamental concepts or exploring advanced accounting principles, this comprehensive guide aligns with your preparation goals for the UGC NET exam.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/www.oliveboard.in\/blog\/ugc-net-notification-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Click Here to Check UGC NET Notification 2024<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Historical_Background_of_Generally_Accepted_Accounting_Principles_GAAP\"><\/span>Historical Background of Generally Accepted Accounting Principles (GAAP)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Emergence in the 1930s:<\/strong> GAAP was developed in the United States during the Great Depression to bring order to chaotic financial reporting practices.<\/li><li><strong>SEC&#8217;s Role:<\/strong> The U.S. Securities and Exchange Commission (SEC), formed in 1934, emphasized the need for standardized accounting principles to protect investors and ensure transparency.<\/li><li><strong>Early Contributors<\/strong>: The American Institute of Certified Public Accountants (AICPA) took the lead in setting the first accounting rules and issuing guidelines through accounting bulletins.<\/li><li><strong>Formation of FASB (1973):<\/strong> The Financial Accounting Standards Board (FASB) replaced earlier committees to create a more structured and independent body for setting accounting standards.<\/li><li><strong>Global Influence:<\/strong> Over time, GAAP started aligning with international practices, working towards consistency with International Financial Reporting Standards (IFRS) to support global businesses.<\/li><li><strong>Major Milestones:<\/strong><ul><li>First accounting principles were introduced in 1939 by the Committee on Accounting Procedure.<\/li><li>In 1959, the Accounting Principles Board (APB) was established for detailed standard-setting.<\/li><li>The late 20th century saw the creation of the FASB\u2019s Conceptual Framework to define the core objectives and principles of accounting.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Core_Principles_of_Generally_Accepted_Accounting_Principles_GAAP\"><\/span>Core Principles of Generally Accepted Accounting Principles (GAAP)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Principle of Regularity: <\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Adherence to established rules and regulations in financial reporting.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. Principle of Consistency<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Applying the same accounting methods over time for comparability.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. Principle of Prudence:<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Exercising caution in financial reporting by avoiding overstatement of income or assets.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. Principle of Materiality<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Including all significant information that could influence decision-making.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5. Principle of Full Disclosure<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Providing all relevant financial information to stakeholders.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">6. Principle of Matching<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Recording revenues and expenses in the same period to reflect accurate profits.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">7. Principle of Going Concern<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Assuming the business will continue to operate in the foreseeable future.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">8. Principle of Historical Cost<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Recording assets at their original purchase price, not current market value.<\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center\"><strong><a href=\"https:\/\/www.oliveboard.in\/blog\/ugc-net-commerce-syllabus\/\" target=\"_blank\" rel=\"noreferrer noopener\">Check UGC NET Commerce Syllabus 2024<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_of_Generally_Accepted_Accounting_Principles_GAAP\"><\/span>Benefits of Generally Accepted Accounting Principles (GAAP)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Enhanced Credibility:<\/strong> Boosts trust among investors, creditors, and other stakeholders.<\/li><li><strong>Improved Decision-Making: <\/strong>Provides accurate and relevant data for business and investment decisions.<\/li><li><strong>Regulatory Compliance:<\/strong> Meets legal requirements, reducing risks of penalties or litigation.<\/li><li><strong>Facilitates Global Trade: <\/strong>Aligns with international standards like IFRS to ease cross-border business.<\/li><li><strong>Better Financial Management:<\/strong> Helps businesses maintain proper records, aiding internal analysis and planning.<\/li><li>GAAP ensures that financial reporting serves its primary purpose of providing useful and reliable.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Generally_Accepted_Accounting_Principles_GAAP_vs_Other_Accounting_Standards\"><\/span>Generally Accepted Accounting Principles (GAAP) vs. Other Accounting Standards<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. GAAP vs. IFRS (International Financial Reporting Standards)<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Origin:<\/strong> <ul><li>GAAP is U.S.-based, developed by the Financial Accounting Standards Board (FASB)<\/li><li>IFRS is globally used, developed by the International Accounting Standards Board (IASB).<\/li><\/ul><\/li><li><strong>Approach: <\/strong><ul><li>GAAP is rules-based, providing specific guidelines<\/li><li>IFRS is principles-based, offering broad principles<\/li><\/ul><\/li><li><strong>Key Differences:<\/strong><ul><li><strong>Inventory Valuation:<\/strong> GAAP allows both FIFO and LIFO; IFRS prohibits LIFO.<\/li><li><strong>Asset Revaluation:<\/strong> IFRS allows revaluation; GAAP does not.<\/li><li><strong>Revenue Recognition:<\/strong> GAAP uses industry-specific rules; IFRS uses a single five-step model.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2. GAAP vs. Indian Accounting Standards<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Adaptation: <\/strong><ul><li>Indian Accounting Standards is India\u2019s version of IFRS, adapted for local conditions<\/li><li>GAAP is U.S.-specific.<\/li><\/ul><\/li><li><strong>Regulatory Body:<\/strong> <ul><li>Indian Accounting Standards is regulated by India\u2019s Ministry of Corporate Affairs (MCA)<\/li><li>GAAP is overseen by the U.S. SEC (Securities and Exchange Commission) and FASB.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Challenges_of_Generally_Accepted_Accounting_Principles_GAAP\"><\/span>Challenges of Generally Accepted Accounting Principles (GAAP)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Complexity:<\/strong> GAAP&#8217;s detailed rules can be difficult to apply, especially for small businesses or those without extensive accounting resources.<\/li><li><strong>Lack of Flexibility:<\/strong> The rules-based nature of GAAP limits professional judgment, making it rigid compared to principles-based standards like IFRS.<\/li><li>Inconsistent Application: Different interpretations of GAAP standards can lead to inconsistencies in financial reporting, especially across industries.<\/li><li><strong>Global Discrepancy:<\/strong> GAAP is U.S.-centric, causing challenges for multinational companies that have to reconcile it with international standards like IFRS or Ind AS.<\/li><li><strong>Cost of Compliance:<\/strong> The complexity and volume of GAAP regulations result in high compliance costs, particularly for smaller companies.<\/li><li><strong>Potential for Earnings Manipulation:<\/strong> Despite its intent to standardize reporting, GAAP&#8217;s detailed rules can still leave room for creative accounting practices to manipulate financial results.<\/li><li><strong>Outdated Standards: <\/strong>Some GAAP principles have not evolved quickly enough to address modern business practices, such as complex financial instruments and digital transactions.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Generally_Accepted_Accounting_Principles_GAAP_Conclusion\"><\/span>Generally Accepted Accounting Principles (GAAP) Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In conclusion, Generally Accepted Accounting Principles (GAAP) play a crucial role in ensuring consistency, transparency, and reliability in financial reporting. For <strong><a href=\"https:\/\/www.oliveboard.in\/ugc-net-commerce-notes\/\" target=\"_blank\" rel=\"noreferrer noopener\">UGC NET Commerce <\/a>aspirants,<\/strong> understanding GAAP is essential as it forms the foundation of financial accounting, a key subject in the exam syllabus. The principles of GAAP, including <strong>consistency, full disclosure, and prudence<\/strong>, guide businesses in preparing accurate financial statements that meet regulatory standards. Despite criticisms such as its complexity and lack of global uniformity, GAAP remains a cornerstone of financial reporting in the U.S., with its focus on providing clear, comparable, and reliable financial information. By mastering GAAP concepts, UGC NET candidates will be well-equipped to tackle accounting-related questions and case studies in the exam, ensuring a strong understanding of financial reporting principles.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"UGC_NET_MCQ_based_on_Generally_Accepted_Accounting_Principles_GAAP\"><\/span>UGC NET MCQ based on Generally Accepted Accounting Principles (GAAP)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Q1. Which of the following is the primary objective of Generally Accepted Accounting Principles (GAAP)?<br><\/strong>a) To provide financial information for tax purposes<br>b) To ensure consistency and transparency in financial reporting<br>c) To maximize profit for businesses<br>d) To allow companies to manipulate financial statements<\/p>\n\n\n\n<p><strong>Answer: b) To ensure consistency and transparency in financial reporting<\/strong><\/p>\n\n\n\n<p><strong>Q2. Which of the following is NOT a core principle of GAAP?<br><\/strong>a) Principle of Consistency<br>b) Principle of Prudence<br>c) Principle of Materiality<br>d) Principle of Profit Maximization<\/p>\n\n\n\n<p><strong>Answer: d) Principle of Profit Maximization<\/strong><\/p>\n\n\n\n<p><strong>Q3. Which accounting method does GAAP allow that is prohibited by IFRS?<br><\/strong>a) Revenue Recognition<br>b) FIFO (First In, First Out)<br>c) LIFO (Last In, First Out)<br>d) Depreciation Methods<\/p>\n\n\n\n<p><strong>Answer: c) LIFO (Last In, First Out)<\/strong><\/p>\n\n\n\n<p>Also Read:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><a href=\"https:\/\/www.oliveboard.in\/ugc-net-commerce-notes\/?ref=blog&amp;cont\" target=\"_blank\" rel=\"noreferrer noopener\">Get Free UGC NET Commerce Notes (Latest Pattern)<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/www.oliveboard.in\/blog\/monetary-and-fiscal-policy\/\" target=\"_blank\" rel=\"noreferrer noopener\">Click here for monetary and fiscal policy commerce notes<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/www.oliveboard.in\/blog\/foreign-exchange-management-act-fema\/\" target=\"_blank\" rel=\"noreferrer noopener\">Click here for Foreign Exchange Management Act (FEMA), Study Notes<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/www.oliveboard.in\/blog\/key-elements-of-business-environment-for-students\/\" target=\"_blank\" rel=\"noreferrer noopener\">Key Elements of Business Environment notes<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/www.oliveboard.in\/blog\/what-is-fdi-and-fpi\/\" target=\"_blank\" rel=\"noreferrer noopener\">FDI and FPI study notes for UGC NET Commerce<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/www.oliveboard.in\/blog\/reserve-bank-of-india\/\" target=\"_blank\" rel=\"noreferrer noopener\">Role and Functions of the Reserve Bank of India (RBI)<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/www.oliveboard.in\/blog\/balance-of-payments\/\" target=\"_blank\" rel=\"noreferrer noopener\">What is Balance of Payments (BOP)?<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/www.oliveboard.in\/blog\/financial-regulators-in-india\/\" target=\"_blank\" rel=\"noreferrer noopener\">Financial Regulators in India<\/a><\/strong><\/li><li><strong><a href=\"https:\/\/www.oliveboard.in\/blog\/principles-and-functions-of-management\/\" target=\"_blank\" rel=\"noreferrer noopener\">Principles and functions of management<\/a><\/strong><\/li><\/ul>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1732702255332\"><strong class=\"schema-faq-question\">1. What is GAAP (Generally Accepted Accounting Principles)?<\/strong> <p class=\"schema-faq-answer\">Ans: GAAP stands for Generally Accepted Accounting Principles, a set of accounting rules and standards used to prepare financial statements. It ensures consistency, transparency, and reliability in financial reporting, helping stakeholders make informed decisions.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1732702291662\"><strong class=\"schema-faq-question\">2. Why is GAAP important for UGC NET Commerce students?<\/strong> <p class=\"schema-faq-answer\">Ans: For UGC NET Commerce aspirants, understanding GAAP is crucial because it forms the foundation of financial accounting, a key topic in the syllabus. Mastering GAAP principles helps in answering multiple-choice questions (MCQs) and case studies related to accounting.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1732702309689\"><strong class=\"schema-faq-question\">3. How does Generally Accepted Accounting Principles (GAAP) differ from International Financial Reporting Standards (IFRS)?<\/strong> <p class=\"schema-faq-answer\">Ans: GAAP is primarily used in the U.S., while <strong>International Financial Reporting Standards (IFRS) <\/strong>is used globally. The key difference is that GAAP is more rules-based, whereas IFRS is principles-based. For instance, GAAP allows LIFO (Last In, First Out) for inventory, but IFRS does not.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Generally Accepted Accounting Principles (GAAP) are the standardized guidelines and frameworks that govern financial accounting and reporting practices. Essential for<\/p>\n","protected":false},"author":50,"featured_media":203668,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10236,10399,11846,16459],"tags":[16710,16709,16707,16708,16586],"class_list":["post-203657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-teaching-exams","category-ugc-net","category-ugc-net-teaching-exams","category-ugc-net-commerce-study-material","tag-accounting-principles","tag-financial-accounting","tag-gaap-for-ugc-net","tag-generally-accepted-accounting-principles","tag-ugc-net-commerce-notes","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Generally Accepted Accounting Principles (GAAP)<\/title>\n<meta name=\"description\" content=\"Understand Generally Accepted Accounting Principles (GAAP) for UGC NET Commerce exams, focusing on financial standards and consistency.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/generally-accepted-accounting-principles\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Generally Accepted Accounting Principles (GAAP) - UGC NET Commerce Notes\" \/>\n<meta property=\"og:description\" content=\"Generally Accepted Accounting Principles (GAAP) are the standardized guidelines and frameworks that govern financial accounting and reporting practices.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.oliveboard.in\/blog\/generally-accepted-accounting-principles\/\" \/>\n<meta property=\"og:site_name\" content=\"Oliveboard\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Oliveboard\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-27T10:24:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-27T10:24:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2024\/11\/Generally-Accepted-Accounting-Principles.png\" \/>\n\t<meta property=\"og:image:width\" content=\"730\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Saloni Singhal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Oliveboard\" \/>\n<meta name=\"twitter:site\" content=\"@Oliveboard\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Saloni Singhal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/generally-accepted-accounting-principles\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/generally-accepted-accounting-principles\/\"},\"author\":{\"name\":\"Saloni Singhal\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/6aedd7baaab0f33dc2f40834a257f88c\"},\"headline\":\"Generally Accepted Accounting Principles (GAAP) &#8211; 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