Resources ❯ Accounting Terms

Standard

[STAN-durd]

What is the definition of Standard?

A widely recognized and accepted basis for a system of measurements or criteria.

Using Standard in an Example

In accounting, the Generally Accepted Accounting Principles (GAAP) are considered the standard for financial reporting in the United States, providing a common set of rules and standards that all accountants adhere to.

Using Standard in a sentence

The company's financial statements are prepared according to the standard accounting practices to ensure consistency and transparency.

Related Terms

Surviving Spouse

A person whose spouse has died within the tax year and who may file a joint tax return for that year. Additionally, the surviving spouse can file joint returns for the next two years if they remain unmarried and maintain a household as the principal residence for a dependent child.

Swap

A financial contract in which two parties agree to exchange streams of payments over a specified period, based on different indices such as interest rates, foreign exchange rates, or equity indices, applied to a notional amount. Swaps typically do not involve the exchange of principal.

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