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 ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA ...

It's the job of an accountant to create accurate financial statements, which means that assets, liabilities, sales and expenses should be recorded in the period in which they were incurred. However, ...