Examlex
GAAP
Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the preparation of financial statements in the U.S.
IFRS
International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that guide companies in preparing financial statements globally.
Cash-Basis Accounting
An accounting method where revenues and expenses are recorded only when cash is received or paid, irrespective of when the transactions occurred.
General Journal
A primary accounting record used to record all types of accounting transactions including both debits and credits.
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