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Generally accepted accounting principles (GAAP) are a common set of accounting principles, standards, and procedures that companies should follow when they compile their financial statements. GAAP is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. One of the benefits of using a GAAP compliant system is the ability to provide consistent financial statements. It won’t matter who is doing the transactions, the system will always use the same accounts, every time.