Why does GAAP require more than one financial statement?

Answer U.S. Generally Accepted Accounting Principles (U.S. GAAP) requires four financial statements for businesses. All four are required in order for investors to gain an understanding of a company's cur... Read More »

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Does GAAP require public companies to include notes to their financial statements?

Under GAAP, companies are required to provide notes that explain the methodology and contents of the major financial statements. Notes are not required in theory, but the Financial Accounting Stand... Read More »

What is a UCC financial statement?

UCC stands for Uniform Commercial Code. The financing statement is a document that is filed to show that a security interest has been taken in a particular piece of property or equipment.Significan... Read More »

What does mrq mean on a financial statement?

On financial statements, MRQ stands for Most Recent Quarter. Entries that note MRQ refer to the previous quarter. Alternate notations refer to other periods. For instance, TTM refers to the previou... Read More »

What does SGA mean on a financial statement?

SGA, most commonly shown as SG&A, on a financial statement refers to the total of all sales, general and administrative expenses. SG&A gets reported on a company's income statement and is typically... Read More »