Three Accepted Basic Accounting Conventions?

Answer Throughout the month, accountants record each financial transaction that occurs in the accounting records. This information forms the basis for creating financial statements and communicating the f... Read More »

Top Q&A For: Three Accepted Basic Accounting Conventions

Why is the accrual basis of accounting accepted by gaap?

Generally Accepted Accounting Principles (GAAP) are the highest authority on accounting standards in the United States. Accountants use these guidelines to ensure companies follow the proper accoun... Read More »

Is a Financial Statement Required Under Generally Accepted Accounting Principles?

Generally accepted accounting principles, or GAAP, dictate the way corporate bookkeepers must record economic events. This medley of rules also prescribes methodologies that financial managers must... Read More »

How to Do Basic Accounting?

Basic Accounting means getting down to the nuts and boltsAccounting is the language of business. People with knowledge of accounting can be helpful in a variety of ways in almost every field imagin... Read More »

Basic Elements of Accounting?

The basics of accounting involve three fundamental elements; assets, liabilities and equity. These elements make up the basis for financial reports such as balance sheets, ledgers, and other means ... Read More »