Learn how double-entry accounting records transactions twice, ensuring balance and accuracy by showing both a credit and a ...

The Financial Accounting Standards Board, FASB, is a private, independent organization that since 1973 has been given the authority by the U.S. Securities and Exchange Commission, or SEC, to establish ...

Many claim that "principles-based" accounting standards are superior to "rules-based" standards. For example, the chair of the International Accounting Standards Board, Sir David Tweedie, made this ...

If you run a small business, you may not know much about the Generally Accepted Accounting Principles (GAAP). After all, GAAP standards apply mainly to publicly traded companies, so these rules don’t ...

Accrual accounting is the GAAP-preferred practice of recording all revenues and expenses when they occur, even if payment has not yet been sent or received. In business, all financial transactions ...

American accountants follow the generally accepted accounting principles, called GAAP, when recording transactions and preparing financial statements. One of those financial statements is the income ...

Knowing GAAP will help you understand your accountant's decision-making process better. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you ...