The Generally Accepted Accounting Principles exist to ensure that American accountants are using the same or almost the same standards so that comparison of financial statements between or within a company is easy and accurate. They also promote transparency in accounting. The GAAP are set by the FASB.
According to the FoodTV Encyclopedia for Delmonico Steak, the Delmonico steak is a boneless top loin steak, which is also called a New York strip steak and a Kansas City strip steak. (With the bone in, it is usually called a club steak.)
Where The New York Strip is Located. The Strip is harvested from the âshort loinâ section of a beef. The tenderloin section extends into the short loin. Thatâs why the T-bone cut has both a strip steak and a piece of tenderloin filet. A strip steak without the bone is called a âNew York Strip Steakâ. When a bone is left attached to the strip, it is either called a âBone-in New Yorkâ or sometimes a âKansas City Strip. Mostly the strip is known by its most popular name of New York Strip. But sometimes itâs simply called a Strip Steak.