GAAP requires that refunds that are adjustments of amounts previously paid be credited to the expense account where the original purchase was posted.
Debit refund accountCredit cash / bank
How does GAAP affect financial reporting?
GAAP is an acronym for Generally Accepted Accounting Principles
In 1992, the Auditing Standards Board established the GAAP hierarchy.
In Accounting/Finance arena GAAP stands for Generally Accepted Accounting Principals. Eevery company has to balance their books by GAAP standards and regulations.
Debit refund accountCredit cash / bank
gaap
To properly record a tax refund in accounting, you would debit the cash account to increase it and credit the income tax expense account to reduce it. This reflects the refund as income received and reduces the expense previously recorded for taxes paid.
short note on GAAP
How does GAAP affect financial reporting?
GAAP is an acronym for Generally Accepted Accounting Principles
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In 1992, the Auditing Standards Board established the GAAP hierarchy.
General Accounting Acceptable Principles, usually referenced as GAAP, is the collection of standards and principles to be used by businesses to record and present the results of their financial activities and their records of what they own and they owe. GAAP can be different between industries and between countries.
Typically, only the original copy of a check is included in a standard GAAP filing. This is done to ensure that the original supporting documentation is preserved for audit and verification purposes. Copies or scanned images of checks may be retained for internal control and record-keeping purposes, but only the original check is included in the formal financial reporting under GAAP.