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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VET, VETTED, VETTING is to make a careful and critical examination of someone or something, e.g. a person prior to employment.

VOSTRO ACCOUNT is a local currency account maintained with a bank by another bank. The term is normally applied to the counterpartys account from which funds may be paid into or withdrawn, as a result of a transaction.

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