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Stands for Generally Accepted Accounting Practices. It’s like the rulebook for people who make numbers look good, even when they’re lying.
My accounting teacher said GAAP is just a fancy way of saying, ‘Don’t be a idiot.’
I failed my GAAP test because I thought it was about pizza.
GAAP is the reason my mom’s business is still standing, even though she doesn’t know what a balance sheet is.