The phrase generally accepted accounting principles is an accounting term that\ Is included in the audit report to indicate that the audit has been conducted in accordance with generally accepted auditing standards (GAAS).\ Encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time. Provides a measure of conventions, rules, and procedures governed by the AICPA.\ Includes broad guidelines of general application but not detailed practices and procedures.

Is included in the audit report to indicate that the audit has been conducted in accordance with generally accepted auditing standards (GAAS). Encompasses the conventions, rules, and procedures necessary to define accepted accounting practice at a particular time. Provides a measure of conventions, rules, and procedures governed by the AICPA. Includes broad guidelines of general application but not detailed practices and procedures