What Is Meant By GAAP? How it is Used in Accounting Proffesion By
Various Industries?[in detail}

GAAP = Generally Accepted Accounting Principles

CHECK OUT www.aicpa.org  

GAAP is composed of standards, these standards are composed in a
heiracle form.  The highest standards are called SFAS (statement of
financial accounting standards) are are set by the FASB (Financial
Accounting Standards Board)  There are roughly 150 SFAS statement. 
Each deals with a specific type of accounting treatment.  There are
also FIN's which are interpetation of the SFAS.  Underneath these in
authroity are various forms and statments that provide guidance to the
industry but are not meant to be authrotative.  GAAP or Generally
Accepted Accounting Principals are these standards and statements
compiled together.  Specifically, for Financial statements to conform
with GAAP they must adhere to the SFAS standards.  Let me know if this
helps

GAAP stands for "Generally Accepted Accounting Practices". There are
various standard setting bodies that take up the responsibilities for
producing these standards, for example at the international level
there is "IASC", at US level there is "FASB" and so on...

The purpose of these standard(s) are to produce a harmonious accounting statement.