The length of validity for U.S. passports depends on the age of the passport holder when the passport was obtained and the type of passport issued.
What are 'Generally Accepted Accounting Principles - GAAP'. 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.
Basic Accounting. Generally accepted accounting principles state that rebates are a reduction in sales, not a selling expense. Therefore, companies must account rebates when selling goods. For example, say a company sells widgets for $5 each, and a planned 20 percent rebate is coming to induce higher sales.