Intro to Real Estate Economics
Generally Accepted Accounting Principles (GAAP) are a set of rules and standards used in the preparation of financial statements in the United States. These principles ensure transparency, consistency, and comparability in financial reporting, making it easier for investors, regulators, and other stakeholders to understand the financial health of a business. GAAP covers various aspects such as revenue recognition, asset classification, and liabilities, which are crucial for accurate real estate accounting and financial statements.
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