Accounting is an art of measuring and recording transactions of an entity to evaluate and interpret the results of its operation by preparing profit and loss account,and financial performance and position by way of Balance sheet, for the purpose of providing useful information to managers, government, creditors, lenders, shareholders and many other.
Many professionals bodies across the world regulate proper accounting and presentation of financial statements by way of accounting standards, generally accepted accounting principles (GAAP), various accounting principles, conventions, tools and methods and many other.
There are many branches of accounting – financial, environment, tax , cost , management and many other. Accountancy professionals commonly known as accountants provide their services to entities.
Do you mean GAAP as in the sentence given below?
GAAP: Generally Accepted Accounting Principles.
with best regards
Llewellyn Harris.