GAAP, or generally accepted accounting principles, is the foundation for careers in accounting. These principles explain how an accountant should approach all aspects of the job and seek to standardize financial reporting.
In this guide, we’ll go over:
The accounting equation is a principle in accounting that says that a company’s assets must be equal to its liabilities and equity. This equation relies on the double-entry system of accounting, where every transaction results in positive or negative changes …
An actuary reviews data to calculate risks, typically for insurance premiums or business decisions. On the other hand, an accountant compiles and reports financial information for things like taxes, year-end statements, and budgeting.
While the careers have many overlaps — both …
