General accepted accounting principles or GAAP: What does it mean?

If you have ever inquired about an accounting position at a business, you've probably seen the phrase 'candidates are required to demonstrate a current knowledge of Generally Accepted Accounting Principles (GAAP).' What is GAAP, and why is it a mandatory requirement for business accountants?

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Stephanie Morrow

by Stephanie Morrow

Stephanie Morrow has been a contributor to LegalZoom since 2005 and has written about nearly all aspects of law, from...

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Updated on: February 1, 2024 · 4 min read


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This article is for informational purposes. This content is not legal advice, it is the expression of the author and has not been evaluated by LegalZoom for accuracy or changes in the law.

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