Principles of accounting can also refer to the basic or fundamental principles of accounting:cost principle,matching principle,full disclosure principle, revenue recognition principle, going concern assumption, economic entity assumption, and so on. In this context, principles of accounting refers to the...
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One of the most important principles of accounting is the matching principle. The matching principle states that expenses should be recorded for the period incurred regardless of when payment (e.g., cash) is made. Recognizing expenses in the period incurred allows businesses to identify amounts sp...
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revenues that it generates in the sameaccounting period, in accordance withgenerally accepted accounting principles (GAAP). For example, a company benefits from the use of a long-term asset over a number of years. Thus, it writes off the expense incrementally over the useful life of that ...
GAAP stands forGenerally Accepted Accounting Principles. These principles refer to the guidelines that all accounting teams, AP or otherwise, must follow when recording transactions and preparing financial statements to maintain legal compliance.
If revenue represents the total sales of a company’s products and services, then COGS is the accumulated cost of creating or acquiring those products. COGS is an accounting term with a specific definition underU.S. Generally Accepted Accounting Principles (GAAP)that requires product companie...
In the US, where companies follow generally accepted accounting principles (GAAP), businesses may use either FIFO or LIFO (last-in, first-out). LIFO: The last-in, first-out inventory accounting method assumes the newest items are the first items to be sold, assigning the most recent ...
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