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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COST PRINCIPLE is the principle where a company is obliged to record its fixed assets at their actual purchase price or production cost.

ARR is an acronym for Accounting Rate of Return.

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