Xenia

There are several accounting frameworks used in bookkeeping and financial reporting. The choice of framework depends on various factors, including the jurisdiction, industry, and size of the business. Here are some common accounting frameworks: Generally Accepted Accounting Principles (GAAP): GAAP is a widely recognized accounting framework used in the United States. It provides a set of standard principles and guidelines for financial reporting, ensuring consistency, comparability, and transparency. The Financial Accounting Standards Board (FASB) establishes and updates GAAP. International Financial Reporting Standards (IFRS): IFRS is a globally accepted accounting framework developed by the International Accounting Standards Board (IASB). It is…

Bookkeeping is the process of recording and organizing financial transactions of a business or individual. It involves keeping track of income, expenses, assets, liabilities, and equity in a systematic manner. The goal of bookkeeping is to maintain accurate and reliable financial records that can be used for decision-making, financial analysis, and reporting purposes. Debit and credit are fundamental concepts in bookkeeping and accounting that help track the flow of financial transactions. Here's a basic explanation of debit and credit: Debit: In bookkeeping, a debit entry is made on the left side of an account. It represents an increase in assets,…