Examlex
When editing for content and organization,pay special attention to _____________
GAAP
Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting.
Principles-based
An approach focused on general guidelines, allowing for the exercise of professional judgment and flexibility in applying standards.
Bank Reconciliation
The process of matching and balancing figures in accounting records with those displayed on a bank statement.
Outstanding Checks
Checks that have been written and recorded in the account ledger but have not yet been cashed or cleared by the bank.
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