Remove accounting principles Remove cost accounting Remove financial accounting
article thumbnail

Common Accounting Mistakes: Government Edition - Issue #11 What is GAAP?

SMBAccountant

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. What exactly is GAAP?

article thumbnail

Recent Cost Accounting Standards Board Proposed Rules

Cherry Bekaert

Contributor: John Ford In June 2024, the Cost Accounting Standards Board (CASB) published three significant actions in the Federal Register. Section 820 of Public Law 114-328 directed the Board to conform CAS to Generally Accepted Accounting Principles (GAAP) to the maximum extent practicable.

article thumbnail

Top 10 Common Accounting Interview Questions with Answers

Simple Accounts

As you are asked for your words, try to explain accounting in the way you conceived it. . Different types of accounting are: Financial accounting, Cost accounting, Management accounting . A balance sheet is one of the important financial statements of a company. What is balance sheet?