Financial statements

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Glossary: Generally Accepted Accounting Principles (GAAP)

By | June 22nd, 2017|Categories: Glossary|Tags: , , , |

The term GAAP, or "generally accepted accounting principles," refers to a set of accounting policies and procedures used in the formal compilation of financial statements. Some part of GAAP come from formal accounting standards from various boards and agencies, and some come from industry standards.

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Glossary: Income Statement

By | April 13th, 2016|Categories: Glossary|Tags: , , |

In tax and accounting terms, "income statement" refers to an accounting of a business's revenue and expenses for a period of time. This is also often referred to as a "profit and loss" statement ("P and L" for short).

Glossary: Balance Sheet

By | February 23rd, 2016|Categories: Glossary|Tags: , , , , |

A balance sheet is a summary of a business's assets, liabilities and equity.

Small Business Planning: Got Your Financial Statements and Budget Done Yet?

By | January 6th, 2014|Categories: Small Businesses Taxes|Tags: , , |

In an ideal world, small business owners would review financials statements and budgets on an ongoing basis. In the real world, the day-to-day struggle of running a business, paying bills and keeping customers happy causes the financial side of things to get pushed aside. I'm not too proud to admit that I often fall behind on [...]