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 98

accrual accounting accounting principles accounts payable accounting standards 98

Snyder

JUNE 20, 2022

It’s necessary to distinguish between accounting and bookkeeping because people often confuse these two notions. Bookkeeping is a part of a business accounting system that focuses on recording and administering financial transactions. Set up a general ledger. It’s a place where you record all your transactions.

accounting basics 52

accounting basics general ledger Account accountant 52

Snyder

JANUARY 3, 2023

We spoke about cash basis and accrual basis accounting when discussing 3 main financial statements. Single-entry bookkeeping vs. double-entry bookkeeping. The single-entry method suggests entering each transaction only once. Cash basis accounting vs. accrual basis accounting.

accounting basics 52

accounting basics basic accounting bookkeeping Account 52