Financial services encompass a wide range of services and products that help individuals, businesses, and institutions manage their finances, investments, and assets. These services are provided by financial institutions, such as banks, credit unions, insurance companies, investment firms, and more. Here are some common types of financial services: These are just a few of the […]
We have provided a list of 100 Accounting Terms: 1. Accounts Payable (AP): Money owed by a company to its suppliers or creditors for goods and services received but not yet paid for. 2. Accounts Receivable (AR): Money owed to a company by its customers for goods and services delivered but not yet paid for. 3. Accrual […]
An audit is a systematic examination and verification of financial information, records, and statements to determine their accuracy, completeness, and compliance with accounting standards, laws, and regulations. Audits are conducted by trained professionals known as auditors or certified public accountants (CPAs) who are independent of the organization being audited. Auditing serves several important purposes and […]
Generally Accepted Accounting Principles (GAAP) are a set of accounting standards and principles used to prepare and present financial statements. GAAP provides a framework for how financial information should be recorded, reported, and disclosed by companies. Here are some key use cases for GAAP: GAAP is essential for ensuring the consistency, reliability, and transparency of […]