The difference between gross and net income
The difference between gross income and net income is highly dependent whether you are talking about a business standpoint or an individual person’s standpoint. The following summarizes the meaning of gross income and net income among these two: Individual Gross Income – Salary/Wage received from…
Basic Generally Accepted Accounting Principles (GAAP)
Generally Accepted Accounting Principles or GAAP is a set of standards that governs the preparation of accounting information. This standard is composed of many guidelines and standards, but as a starter, we will discuss the basics. There are three parts of GAAP – Assumption, Principles, and Constraints.