Friday, May 06, 2016

What might GAAP stand for?

Strictly speaking GAAP stands for Generally Accepted Accounting Principles but I prefer the suggestion that GAAP is the difference between accounting theory and accounting practice.

Or could it stand for one of the following?

Greatly Anticipated Auditing Performance
or
Grossly Aggressive Accountant's Punches
or
Gently Activating Accountant's Pencil
or
Generally Accidental Accounting Practices

Can you suggest any others?

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