The document discusses GAAP (Generally Accepted Accounting Principles). [1] GAAP are the common set of accounting standards, procedures and rules that govern financial accounting practices. [2] They provide guidelines for proper revenue recognition, balance sheet classifications, and share measurements to provide a fair representation of a company's financial status. [3] GAAP principles are divided into accounting concepts like the money measurement concept and dual aspect concept, and accounting conventions like full disclosure and materiality.