GAAP

Financial Accounting

Financial accounting is the process of recording, summarizing, and reporting a company’s financial transactions to external users like investors, creditors, and government agencies. It provides a standardized view of a company’s financial health and performance. Key Characteristics / Core Concepts Generally Accepted Accounting Principles (GAAP): A common set of accounting rules, standards, and procedures issued … Read more

Accounting

Accounting is the process of recording, summarizing, and reporting financial transactions of a business. It provides a structured way to track income, expenses, and assets. Key Characteristics / Core Concepts Financial Record-Keeping: Meticulous documentation of all monetary transactions. Summarization: Condensing vast amounts of data into meaningful reports. Reporting: Communicating financial information to stakeholders (owners, investors, … Read more