40 Basic Accounting Principles that you need to know to understand Small Business Accounting
Business owners need to know general accounting principles before they can move on to more complicated accounting practices. The following are the 40 Basic Accounting Principles that you must know to understand small business accounting: The guidelines that accountants and businesses use to practice accounting are called Generally Accepted Accounting Principles (GAAP). GAAPs are adapted, changed and updated by the Financial Accounting Standards Board (FASB). The Securities and Exchange Commission (SEC) also has authority to change the rules, but they...
