GAAP

basic ideas of accounting that are agreed upon as conventional (by the body that oversees the accounting profession)

In demonology, Gaap is a mighty Prince and Great President of Hell, commanding sixty-six legions of demons. He is, according to The Lesser Key of Solomon, the king and prince of the southern region of Hell and Earth, and according to the Pseudomonarchia Daemonum the king of the western region and as mighty as Beleth, but for both he is the guide of the four kings (the others being Ziminiar, Corson and Amaymon, although some translations of The Lesser Key of Solomon consider Belial, Beleth, Asmodai and Gaap, not giving detail on the cardinal point they rule). He is said to be better conjured to appear when the Sun is in a southern zodiacal sign.
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Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting, mainly used in the U.S.A.. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements.One key aspect of GAAP is an emphasis of "general" as a conceptual realization of variables in method. Far from suggesting that all accounting exercises employ the same method and generate the same results, in fact GAAP accommodates variation in applied accounting methods as long as the methods generally adhere to this set of principles, which are more broad than specific.
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Noun
1. a collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures
(synonym) generally accepted accounting practices
(hypernym) collection, aggregation, accumulation, assemblage
(member-meronym) accounting principle, accounting standard

n. yawn, involuntary deep intake of air from drowsiness or fatigue

v. yawn, involuntarily open the mouth wide and inhale due to drowsiness or fatigue; gape, stare with an open mouth

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) - Term used to describe broadly the body of principles that governs the accounting for financial transactions underlying the preparation of a set of financial statements. Generally accepted principles are derived from a variety of sources, including promulgations of the Financial Accounting Standards Board and its predecessor, the Accounting Principles Board, and the American Institute of Certified Public Accountants. Other sources include the general body of accounting literature consisting of textbooks, articles, papers, etc.