The Basic Rules of Accounting. ... To be accurate, there is a third entity, the Government Accounting Standards Board, that most business people do not have to worry about.

Accounting principles help hold a company’s financial reporting to clear and regulated standards. In the United States, these standards are known as the Generally Accepted Accounting Principles ...

GAAP, which stands for generally accepted accounting principles, is the set of accounting standards followed by most U.S. businesses, not-for-profit organizations, state/local governments, and non ...

The Financial Accounting Standards Board (FASB) is an independent organization that sets accounting standards for companies and nonprofits in the United States.

The simplified set of accounting standards is applicable for all entities that do not have public accountability or do not issue any financial instruments in a public market — i.e., listed and ...