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What is the meaning of GAPP?
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Answer Posted / vamshee
I'm not an accounting professional. But, I did a bit of googling to look up what is GAPP is because I came across the term in a biz article. Now for the meaning:
As per the book Financial Accounting By Rajasekaran V.(available on Google books), the term is expanded as Generally Accepted Accounting Principles but is abreviated as GAPP. Ofcourse why it is done so is beyond me. There are also tons pages on the web that use the abbreviation GAAP for the same thing. I guess the original poster was like me, who just wanted to know what it is. So go easy on him and stop bashing him for asking the "wrong question".
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