Generally accepted accounting principles, known as GAAP, are a standard set of guidelines followed by US accountants and corporations. Since publicly traded companies are required to report GAAP ...

This guide was reviewed by a Business News Daily editor to ensure it provides comprehensive and accurate information to aid your buying decision. The cost principle is an important part of financial ...

Every business owner needs to have at least a rudimentary understanding of accounting theories and principles. Understanding your books and what various accounting reports represent helps you ...

This guide was reviewed by a Business News Daily editor to ensure it provides comprehensive and accurate information to aid your buying decision. When business owners spend money, they expect results.

When you glance at a company’s income statement, you see its revenues and expenses neatly listed, culminating in that all-important net profit figure. But have you ever stopped to wonder when those ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Anna Baluch is a freelance writer from Cleveland, Ohio. She enjoys writing about a variety of health and personal finance topics. When she's away from her laptop, she can be found working out, trying ...

Many claim that "principles-based" accounting standards are superior to "rules-based" standards. For example, the chair of the International Accounting Standards Board, Sir David Tweedie, made this ...

What Is Accounting Changes and Error Correction? Accounting changes and error correction refers to guidance on reflecting accounting changes and errors in financial ...

Fraud is a global problem that inflicts a heavy burden on government and private organizations alike. According to the 2012 Report to the Nations by the Association of Certified Fraud Examiners, the ...

Expertise from Forbes Councils members, operated under license. Opinions expressed are those of the author. When investing, assessing a company’s assets and liabilities is a basic requirement to ...