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The pronouncement on GAAP served by the Financial Accounting specifications Board (FASB) is currently more than 1000 pages very long. Hence doesn't also range from the regulations issued by the federal regulatory agency that jurisdiction across economic reporting and accounting types of publicly had companies - the Securities and Exchange Commission (SEC).
It is necessary to not ever confuse revenue with cashflow. Profit equals product sales revenue minus expenses. A small business supervisor shouldn't assume that sales income equals cash inflow …
