Importance of GAAP

  May 17, 2016

Generally Accepted Accounting Principles are a common set of accounting rules and standards that dictates how all of our financial statements are prepared. Public companies, nonprofit organizations, and government entities are all required to prepare financial statements in accordance with GAAP. These guidelines were developed over time by the Financial Accounting Standards Board (FASB), and… Read More

Accounts Receivable

  November 24, 2014

Accounts receivable is a legally enforceable claim for payment from a business to its customers for goods they have purchased or services requested. These are normally in the form of invoices raised by a business and delivered to the customer for payment within an approximate time frame. Accounts receivable is shown in a balance sheet… Read More