Generally accepted accounting principles refer to

Standard setting process that draws from a wide range of knowledge of the standard setters.

Accounting standards that govern the accounting for stock ownership and stock sales.

The general consequences of aceounting stankards for eatities, including non$-$for profit organizations.

Financial reporting rules and guidelines for public, private, and non$-$profit entities iateroded to standardize

accounting practice and reportiag methods across the reporting eatities.