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GAAP: What It Is and Why Your Investors Expect It

inDinero Accounting

JUNE 29, 2023

The components of GAAP can be broken down into two main categories: accounting procedures and reporting standards. On the accounting side, GAAP requires specific methods for recording transactions, such as double-entry bookkeeping, which involves debiting one account while crediting another in order to maintain accuracy in recording data.

accrual accounting

accrual accounting accounting principles accounts payable accounting standards

What Accounts Are Debit and Credit?

xendoo

AUGUST 22, 2022

At any point, the total of the entries on the left side of the trial balance (debits) will equal the total of the entries on the right side (credits). A trial balance includes all accounts from the balance sheets and profit and loss statements. An increase in credits will increase the balance in a revenue account.

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GAAP: What It Is and Why Your Investors Expect It

What Accounts Are Debit and Credit?

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