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Blog2017-08-15T09:54:58+00:00

Accountant,Tax Accounting Chicago, IL

Bridging the GAAP

Financial reporting means balance sheets, profit and loss statements, financial notes, and disclosures, and it has its own language.  It’s the language used to communicate information about the financial condition of a company, be it a not-for-profit business, a state or local government, the guidelines are found in the GAAP: the Generally Accepted Accounting Principles that is the guideline that determines how

Basic Principles of Accounting

These basic principles form the basis which modern accounting is based. The best-known of these principles are as follows:

The Accrual Principle: The concept that accounting transactions should be recorded in the periods when they actually occur; Ignoring this principle would cause delays in payments. 1270

Accounting Principles

Accounting principles are the rules and guidelines that companies must follow when reporting financial data.  American accounting principles are defined as Generally Accepted Accounting Principles (GAAP). Companies must regularly file financial statements according to GAAP to remain listed on the major U.S. stock exchanges. GAAP is based on three rules: 1262

Accounting for Dummies

Businesses get the money; Accountants keep the books.  Accountants keep businesses, governments and “not-for-profits” groups working by following systematic methods of recording their financial activity. 1255

Accounting as a Career

Public accounting offers a varied career path.  The duties of an account will depend on the size of the firm , and is generally a “partnership” In a small firm, one may work on business audits and taxes for both businesses and individuals. In larger firms, you will likely work on audits or taxes, depending on your skills and the needs of