In accounting, net worth is defined as assets minus liabilities. Essentially, it is a measure of what an entity is worth. For an individual, it represents the properties owned, less any debt the ...

"Uncertainty" in accounting refers to the difficulty of predicting outcomes because of limited or inexact knowledge. Financial statements often contain estimates and other information based on ...

U.S. public companies must follow the GAAP rules in preparing their financial statements David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting, ...

Accrual accounting is the GAAP-preferred practice of recording all revenues and expenses when they occur, even if payment has not yet been sent or received. In business, all financial transactions ...