article thumbnail

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?

article thumbnail

Specializing an Accounting Business: What and How?

PANALITIX

Management accounting. Financial Accounting. To analyze and report (usually to management who may or may not be ‘financially literate’) on financial transactions that impact business performance. Cost Accounting. Here are some examples: Specialization. Description. Corporate Finance.

Account 130
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Researchers Shockingly Discover That If You Pay Low Level Grunts More, They Do Better Financial Reporting

Going Concern

The researchers say that focusing only on the relationship between senior executive incentives and financial reporting is a mistake because it’s the low level “subordinates” (e.g.,

auditor 94
article thumbnail

Top 10 Common Accounting Interview Questions with Answers

Simple Accounts

As you are asked for your words, try to explain accounting in the way you conceived it. . Different types of accounting are: Financial accounting, Cost accounting, Management accounting . A balance sheet is one of the important financial statements of a company. What is balance sheet?

Account 52
article thumbnail

Offering Virtual CFO Services in the Cannabis Industry with Guillermo Rodriguez

Anders CPA

And so, I started my career in internal audit and then moved into a financial accounting manager role and then eventually worked in corporate finance. We were making a large acquisition at the time, and we needed someone to do the financial modeling for the acquisition and how that was going to integrate into the business.