What are the generally accepted accounting principles?

Generally Accepted Accounting Principles (GAAP) is a framework of accounting standards, rules and procedures defined by the professional accounting industry, which has been adopted by nearly all publicly traded U.S. companies.

They are a common group of standards and procedures that companies must follow when they prepare their financial statements.

Generally accepted accounting principles are common standards that guide accountants in reporting ecomical events.

I agree with MR Mohammed answer

Generally accepted accounting principles (GAAP) are a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements.