Accounting is a powerful word. Investorwords.com defines it as "The systematic recording, reporting and analysis of (the) financial transactions of a business." The two organizations that regulate ...

Like others, we've watched a slowly developing controversy over the question of whether accounting standards should be "principles-based" or "rules-based." When Sarbanes-Oxley was passed, it required ...

GAAP ensures public companies report finances consistently for clear investor comparisons. GAAP adherence is mandated by the SEC, crucial for comparing financial performance. Understanding GAAP helps ...

Not all accounting systems operate the same way. While most accounting systems capture basic income and expense data, whether manual or computerized, the system used varies by the type of business.