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Individual Summary ACC 290 ? Commercial and Generally Accepted Accounting Principles




Commercial and Generally Accepted Accounting Principles;Commercial accounting is any type of financial account that is owned and used by a business or corporation. It is an accurate reflection of business transacted that can only be obtained if both cash and credit transactions are recorded in such a manner that there is no duplication and yet are completely recorded. This is also done in a system known as double entry book keeping which records both aspects of transactions. It records credit transactions in cash accounting date of receipt. In commercial accounting the date in which the transaction took place needs to be recorded regardless if it was paid or not.;Generally accepted accounting principles (GAAP), are the accounting rules used to prepare and standardize the reporting of financial statements, such as balance sheets, income statements and cash flow statements, for publicly traded companies and many private


Paper#20668 | Written in 18-Jul-2015

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