Bookkeeping

Even though companies cannot use cost-accounting figures in their financial statements or for tax purposes, they are crucial for internal controls. The main motive or the objective of financial accounting is to prepare the financial statements for a specific accounting period of an entity in a definite way. It contains the Income Statement, Cash Flow […]

Content History of GAAP Revenue Recognition: What It Means in Accounting and the 5 Steps Example of the expense recognition principle More Examples of Accrual Accounting What is the Matching Principle? The Revenues Principle This concept ignores any change in the purchasing power of the dollar due to inflation. Once an asset is recorded on […]

That way, should you need to hire a professional down the line, they will have visibility into the complete financial history of your business. Accounting clerks and bookkeepers have similar educational requirements, often needing a high school diploma and some additional training to learn to use common accounting programs and follow procedures. You may take […]