Generally accepted accounting principles — or GAAP (pronounced “gap”) for short — are a group of accounting standards that are used to prepare financial statements for companies, not-for ...

Under generally accepted accounting principles, the matching principle requires that you record your accounting transactions when they occur. This matches your revenues with your costs so your ...

As of December 26, 2014, 2 CFR 200 (Uniform Guidance) replaces the administrative, accounting, audit rules and principles currently included in the OMB Circulars, including A-21, A-110 and A-133. Your ...

The costs must be given consistent treatment through application of those generally accepted accounting principles appropriate to the circumstances. The costs must conform to any limitations or ...

If you run a small business, you may not know much about the Generally Accepted Accounting Principles (GAAP). After all, GAAP standards apply mainly to publicly traded companies, so these rules don’t ...

The Next In, First Out form of valuation does not conform to generally accepted accounting principles (GAAP). 1  This is because NIFO is said to violate the cost principle, accounting concept ...

GAAP Accounting Requirements Generally accepted accounting principles require businesses that use accrual basis accounting to include both direct and overhead expenses in production cost allocations.

A cost transfer is the assignment of an expense or expenditure (charge) to a federally or non-federally funded chart string that was initially recorded in another chart string. To comply with Uniform ...