GENERALLY ACCEPTED ACCOUNTING PRINCIPLES Definition

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GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) is a recognized common set of accounting principles, standards, and procedures. GAAP is a combination of accepted methods of doing accounting and policy board set authoritative standards.

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DEFLATION is a contraction of economic activity resulting in a decline of prices.

BULLET is 1) A security with only one final maturity payment. 2) A fixed income investment strategy where securities of a single maturity (rather than barbelled or laddered maturities) are purchased.

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