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

Net profit is also called the bottom line, net income or net earnings and it is the measurement of profitability of a venture after accounting for all costs incurred during the period. Net profit is equal to the gross profit minus overheads minus interest payable for the accounting period. A common synonym for net profit… Read More

What is social accounting? Social accounting is the process of communicating the social and environmental effects due to the business’ economic actions to the society and to people who find a huge interest in the business. It is mostly used in the aspect of business or corporate social responsibility. Any organization, including NGOs, charities or… Read More