Understanding Double Entry in Accounting: A Guide to Usage

Learn how double-entry accounting records transactions twice, ensuring balance and accuracy by showing both a credit and a ...
Houston Chronicle

Definition of Accounting Standards Codification

The Financial Accounting Standards Board, FASB, is a private, independent organization that since 1973 has been given the authority by the U.S. Securities and Exchange Commission, or SEC, to establish ...
Accounting Today

Lease accounting: Principles-based or just an agreement in principle?

Many claim that "principles-based" accounting standards are superior to "rules-based" standards. For example, the chair of the International Accounting Standards Board, Sir David Tweedie, made this ...
Houston Chronicle

The Difference Between Principles & Rules Based Accounting Standards

In accounting, a principles-based on approach is the most popular accounting method globally because it is usually better to adjust accounting principles to a company's transactions, rather than ...
NerdWallet

GAAP: What Are ‘Generally Accepted Accounting Principles’?

Knowing GAAP will help you understand your accountant's decision-making process better. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you ...