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What does generally accepted accounting practices mean?

Accounting context examples definition mean practices sense synonyms
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What does generally accepted accounting practices mean?

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• GENERALLY ACCEPTED ACCOUNTING PRACTICES (noun) The noun GENERALLY ACCEPTED ACCOUNTING PRACTICES has 1 sense: 1. a collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures Familiarity information: GENERALLY ACCEPTED ACCOUNTING PRACTICES used as a noun is very rare.

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