GAAP vs IFRS – All You Need To Know
Initially, many countries developed their own accounting standards. All these standards were different from others in a way that each had a different approach,… Read Article
Reporting
GAAP Financial Statements – Requirements, Benefits And More
Generally Accepted Accounting Principles or GAAP are basically the set of ten accounting standards set by the United States Financial Accounting Standards Board (FASB).… Read Article
All 10 GAAP Principles – Meaning, Importance And More
Generally Accepted Accounting Principles or GAAP are the set of accounting principles, concepts, and guidelines that guide the more detailed and comprehensive accounting rules,… Read Article
GAAP Accounting – All You Need To Know
Generally Accepted Accounting Principles or more widely known as GAAP, is the set of accounting standards. Organizations use the GAAP principle to record and… Read Article
Matching Principle – Meaning, Importance And More
The matching principle is a common accounting concept or accounting principle. Under this, a company should report an expense in the income statement in… Read Article
Materiality
Materiality is a concept in accounting that states that a firm can ignore small information that does not significantly impact the business. This also… Read Article
Revenue Recognition Principle
The revenue recognition principle states that a firm should record revenue in its books of accounts when it is earned, realized, or realizable, and… Read Article
GAAP
What is GAAP?Generally Accepted Accounting Principles (US) are the commonly followed and accepted set of rules, procedures, and guidelines adopted by SEC (Securities and… Read Article
Accounting Principles
What are Accounting Principles?Accounting Principles are the rules and benchmarks in the accounting field a company should follow while reporting the financial statements. The common… Read Article
Cash Basis Accounting
What is Cash Basis Accounting?Cash basis accounting is an accounting method in which records of the revenues are on its actual receipt and of… Read Article
Difference between Cash and Accrual Accounting
What are the differences between Cash and Accrual Accounting?Cash and accrual accounting are the two methods of accounting used by businesses to record transactions… Read Article