Bookkeeping

The accountant strives to provide an accurate and impartial depiction of a company’s financial situation. GAAP may be contrasted with pro forma accounting, which is a non-GAAP financial reporting method. Internationally, the equivalent to GAAP in the U.S. is referred to as International Financial Reporting Standards (IFRS). Variable costs are expenses that can change depending …

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The accrual approach would show the prospective lender the true depiction of the company’s entire revenue stream. Accrued revenue is often recorded by companies engaged in long-term projects like construction or large engineering projects. Accrued revenue may be contrasted with realized or recognized revenue, and compared with accrued expenses. As soon as the products have …

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