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Common Accounting Mistakes: Government Edition - Issue #11 What is GAAP?

SMBAccountant

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. What exactly is GAAP?

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The Impact of AI on the Accounting Profession

CPA Practice

Cost accounting and inventory management: This includes standard cost systems, activity-based costing, and cost-volume-profit analysis, among others. It’s essential for companies to effectively manage their inventory costs and control the manufacturing process. Here’s what it came up with.

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Understanding the FAQs Related to Overhead Rate Audits for Growing A&E Firms

Cherry Bekaert

The auditor should be a qualified accounting professional who is experienced in auditing overhead rates and familiar with the intricacies of A&E accounting. Maintaining accounting records on an accrual basis in accordance with generally accepted accounting principles (GAAP) will be critical to the efficiency of the audit.

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