Simplify the following text for a Grade 11 native English-speaking person.
Original: Generally Accepted Accounting Principles ( GAAP ) is a term used to refer to the standard framework of guidelines for financial accounting used in any given jurisdiction ; generally known as Accounting Standards .
Simplified: Generally Accepted Accounting Principles ( GAAP ) are the common set of accounting principles , standards and procedure that company use to make their financial statement . They can also be known simply as Accounting Standards .