accounting principles
Bookkeeping rule framework
Accounting principles are the standardized rules and guidelines that govern how financial transactions are recorded and reported.
These include concepts like matching revenues to expenses, recognizing income when earned rather than when cash changes hands, and maintaining consistency across reporting periods.
The audit revealed violations of generally accepted accounting principles.
In the U.S., GAAP (Generally Accepted Accounting Principles) sets the standard; internationally, IFRS serves a similar function.
- going concernProfitable, continuing enterprise
- financial reportingDocumenting business performance formally
- balance sheetAssets-liabilities-equity report
- GAAPFinancial reporting conventions
- double-entry bookkeepingLedger system balancing debits and credits
conservatism · Sarbanes-Oxley Act · periodicity · full disclosure · materiality · cash flow analysis · fiscal year · journal entries · trial balance · cook the books · tax preparation · bottom line · number crunching · payroll management · investment analysis · prudence
accounting principlescooking the books
Manipulating financial statements illegally
financial fraud · embezzlement · accounting fraud · window dressing · money laundering
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