Learn how the lower of cost or market (LCM) method helps value inventory accurately by using the lesser of historical cost or market value, key for GAAP compliance.

Knowing GAAP accounting principles will help you understand why your accountant does the things they do. Many, or all, of the products featured on this page are from our advertising partners who ...

A full cost accounting system is designed to measure the complete, true costs of goods and services. While standard cash flow accounting practices focus on direct, current costs and expenditures, full ...

There are four basic concepts that guide the process of developing sponsored project budgets as defined in 2 CFR 200, Uniform Guidance. These four concepts are used to determine if costs may be ...

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Basic accounting principles form guidelines that govern the preparation of financial reports. These guidelines provide a comprehensive framework for classifying, recording, presenting and interpreting ...

In a prior article, I wrote about the appeal of counting the Federal Government as a customer, because of the size of the government’s budget, as well as its creditworthiness. In that article, I ...

The International Federation of Accountants has released a set of principles with the goal of widening access to the ...

What Are Generally Accepted Accounting Principles (GAAP)? Your email has been sent Understanding GAAP is essential for anyone involved in finance or accounting. Learn the key principles and their ...