What is GAAP? GAAP stands for Generally Accepted Accounting Principles. It is the set of rules and guidelines for U.S. companies to follow. GAAP regulates financial reporting for public companies, private businesses, non-profits, and government authorities. This means that GAAP outlines the procedures to make sure that businesses are recording their financials in the same
See Also: Account Reconciliation Accounts Payable Bailout Payback Method Agency Costs Audit Committee Double Entry Bookkeeping Definition In the field of accounting, double-entry bookkeeping is the most common method of recording and documenting financial transactions. Double Entry Bookkeeping Explanation The double entry bookkeeping principles are based on the idea that every transaction has two sides.
Accumulated Amortization of Assets Definition To understand the accumulated amortization of assets, understand that the assets in question are intangible in nature. These assets are usually long-term and are not physical in nature. Achieve accumulated amortization through the reduction of the intangible account lump sum incrementally. Over the life of the asset in question, calculate
See Also: Accounting Principles 1, 2, and 3 Continuous Accounting: The New Age of Accounting Accounting Concepts Point of Sale (POS) Method Generally Accepted Accounting Principles (GAAP) Financial Accounting Standards Board (FASB) Adjusting Entries Accumulated Amortization Accounting Principles 5, 6, and 7 Description Basic accounting principles are both generally held and regulated under Generally Accepted
See Also: Accounting Principles 5, 6, and 7 Continuous Accounting: The New Age of Accounting Accounting Principles 1, 2, and 3 Basic accounting principles are generally held and regulated under Generally Accepted Accounting Principles (GAAP). The Financial Accounting Standards Board (FASB) also provides rulings and general practices with regard to these accounting principles. Some of
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