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accounting standard vs generally accepted accounting principles

generally accepted accounting principles vs accounting standard

accounting standard and generally accepted accounting principles both are nouns.

Word NounAdjectiveVerbAdverb
accounting standard Yes No No No
generally accepted accounting principles Yes No No No
accounting standard (noun) generally accepted accounting principles (noun)
a principle that governs current accounting practice and that is used as a reference to determine the appropriate treatment of complex transactions a collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures
Difference between accounting standard and generally accepted accounting principles

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