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Family Business Management: Core Concepts
Financial Accounting: Applied Frameworks
Utilizing established frameworks like GAAP and IFRS to record, summarize, and report business transactions through financial statements for external stakeholders. ✨
Article Points:
1
Financial accounting provides an accurate picture of a company's financial health.
2
GAAP (Generally Accepted Accounting Principles) is primarily used in the U.S.
3
IFRS (International Financial Reporting Standards) is widely used globally.
4
These frameworks govern the preparation of the Income Statement, Balance Sheet, and Cash Flow Statement.
5
Key principles include accrual basis, matching, and consistent revenue recognition.
6
Ensures comparability, transparency, and compliance for investors, creditors, and regulators.
Source:
Financial Accounting: Applied Frameworks
Financial Accounting: Applied Frameworks
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Source:
Financial Accounting: Applied Frameworks
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