Accounting Principles | Accounting, Financial, Tax

How Managers Select Accounting Principles [and Methods]

The selection of accounting principles occurs at two levels. First, the FASB determines which principles constitute GAAP. In a number of instances, however, the FASB allows...

Accounting Term and Definition11 years ago

Accounting Equation [to] Accounts Receivable Turnover

ACCOUNTING EQUATION – double entry bookkeeping where there is an identity of debit and credit elements of a transaction. For each transaction, the total debits equal...

Accounting11 years ago

Principles, Limitations, Cost Terms and Concepts of Accounting

There are some basic accounting principles that are generally accepted by the accounting profession as being essential for recording and reporting financial information. These are as...