Financial accounting is the branch that focuses on the preparation of financial statements. It deals with historical information, turning them into readable reports for different users – the owners, ...

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Accounting is the process of keeping track of all financial ...

GAAP stands for Generally Accepted Accounting Principles. They are the standards and procedures companies commonly use to account for their finances and compile financial statements. Sometimes an ...