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Common Accounting Mistakes: Government Edition - Issue #11 What is GAAP?

SMB Accounting and Consulting

However, compliance with generally accepted accounting principles (GAAP) is required. GAAP are a set of accounting principles established by the Financial Accounting Standards Board (FASB) to provide clarity, consistency, and comparability of financial reporting and information. What exactly is GAAP?

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The difference between financial and managerial accounting

Accounting Tools

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook Most accounting tasks can be divided into financial accounting and managerial accounting. There are a number of differences between financial and managerial accounting, which are noted below.

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Improving the AP End of Month Close Process

MineralTree

Its primary purpose is to ensure the accuracy and completeness of financial records so that financial statements can be prepared for internal and external reporting purposes. This is important for recognizing expenses in the correct accounting period. What are Month-End Accruals in Accounts Payable?

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Types of accounting

Accounting Tools

Accountants tend to specialize in one of these fields, which leads to the different career tracks noted below. Financial Accounting Those in the financial accounting field are concerned with the aggregation of financial information into external reports. This career tends to attract auditors.

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Journal entry definition

Accounting Tools

Adjusting Journal Entry An adjusting entry is used at month-end to alter the financial statements to bring them into compliance with the relevant accounting framework , such as Generally Accepted Accounting Principles or International Financial Reporting Standards.

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Governmental accounting

Accounting Tools

The primary organization that is responsible for creating and updating these standards is the Governmental Accounting Standards Board (GASB). The sum total of these adjustments is referred to as the modified accrual basis.

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What is Payroll Accounting & How to automate it?

Nanonets

Payroll accounting follows the matching principle under accrual accounting. To follow the matching principles, businesses record payroll expenses to the accrual account until those items are paid out of the checking account. The payroll liability account is considered a credit on the balance sheet.

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