Have you ever wondered are accountants in Kansas doing the same thing as accountants in California or Tennessee or Texas?
Or how do I know if my financials are unintentionally misleading?
Or how do I know if my bookkeeper has got it right when I have no accounting background?
The good news is there ARE industry standards for making sure your bookkeeping is credible and reliable.
Generally Accepted Accounting Principles, or GAAP, standardizes the way accounting is performed by providing a clear set of definitions, assumptions, and methods.
In today’s episode, I’m providing a high-level overview of the 10 main principles, so your bookkeeping can pass the GAAP gut check or at least gain clarity on where you can improve.
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