The word 'gaap' means a collection of rules and procedures and conventions that define accepted accounting practice; includes broad guidelines as well as detailed procedures
Generally Accepted Accounting Principles
Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting. It includes the standards, conventions, and...
Well this is very simple to understand but to make it easier it just means to look around and see with a different perspective and realize how it can shape your surroundings...