Generally Accepted Accounting Principals (GAAP) Love Machine 14 years ago Generally Accepted Accounting Principals (GAAP)Accounting terminology that encompasses the rules, concepts, procedures and conventions generally accepted as part of accounting practices during a given time period.Recommended for you:Inventory AccountingNational Income AccountingRegulatory Accounting ProceduresTwitter’s accounting method Ebitda (earnings before bad stuff) is suspect at best