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.
Matching Principle. Matching principle is one of the most fundamental principles in accounting. It requires that a company must record expenses in the period in which the related revenues are earned. Matching concept is at the heart of accrual basis of accounting.