Examlex
What climatic factor dominates South Asia, often causing summer floods?
GAAP
Generally Accepted Accounting Principles, which are a common set of accounting rules and standards used in the United States for financial reporting.
Accrual Basis
An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when the cash transactions occur.
Cash Basis
An accounting method where revenues and expenses are recorded only when cash is received or paid, irrespective of when the transactions actually occurred.
Adjusting Entry
Journal entries made in accounting records at the end of an accounting period to allocate income and expenditure to the correct periods.
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