Generally Accepted Accounting Principles

Generally accepted accounting principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as standard accounting practice. In other words, GAAP is the common set of accounting principles, standards and procedures that companies use to compile their financial statements.

Difference Between Financial and Managerial Accounting (Financial Accounting Vs Managerial Accounting)

Difference Between Financial and Managerial Accounting (Financial Accounting Vs Managerial Accounting): Learning objectives of this article: Compare and contrast financial and managerial accounting. What is difference between financial and managerial accounting? Financial accounting reports are prepared for the use of external parties such as