There are few things more rewarding and satisfying than being your own boss. As an entrepreneur you are able to shape your future in ways that are not possible while in the employment of others. However, there are milestones that must be adhered to. One of these is attending to the self-employment taxes for the [...]
If a company releases its financial statements to the public, it is required to follow Generally Accepted Accounting Principles, called GAAP, in the preparation of those statements. “GAAP” consists of three important sets of rules: Basic accounting principles and guidelines. Detailed rules and standards issued by the Financial Accounting Standards Board (FASB) and its predecessor [...]
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: […]
