Bizcovering

What is the FASB? FASB is the acronym for Financial Accounting Standards Board.

What are auditors? Auditors are professionals often hated and misconstrued in the business sector, among government regulatory bodies, private accountants, and others whose work are checked.

What is forensic accounting? Forensic accounting is a special field of accounting that requires the services of accountants to act on legal matters involving lawful disputes, legal actions, enforcement of law, etc.

Who uses forensic accountants? With the ever changing business transactions from the simple buy and sell to the complexities of a manufacturing firm, more and more acts of fraud are perpetuated in some businesses.

What happened in corporate accounting scandals were misdemeanors committed by corporate executives of large companies.

GAAP or generally accepted accounting principles are the rules and standards that accountants are supposed to strictly follow in their recording in the books of accounts leading to the preparation of the financial statements.

Accounting in matters of trade and commerce deals with rules and regulations to maintain standardization and uniformity. Businesses follow a set of guidelines known as the generally accepted accounting principles (GAAP), for uniform presentation of basic financial statements such as the “Income Statement” and “Balance Sheet”.

Looking at where your money goes and where it comes from. Accounting is much more than a legal obligation.

Year-End Checklist For Business Owners and Investors.

Generally Accepted Accounting Principals – A Primer.