US Generally Accepted Accounting Principles (US GAAP)

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• Accrual Basis Accounting

  Any transaction where the amount involved becomes due for payment or yet to be received in the future is known as an accrued amount. In accrual basis accounting, revenues are reported on the profit and loss statement when they are earned and not when ...

• Provincial Sales Tax (PST)

  A form of direct consumption taxation imposed by several of the Canadian provinces. Other than Alberta, each of the provinces that do not impose Harmonized Sales Tax (HST) impose a provincial sales tax (PST). Provinces in which the HST apply are ...

• Xero

  Xero is a New Zealand–domiciled public technology company, listed on the Australian Securities Exchange. Xero is a cloud-based accounting software platform for small- and medium-sized businesses.

• Cash Basis Accounting

  In cash basis accounting, revenues are reported on the profit and loss statement when cash is received by a business. Similarly, expenses are reported when cash is paid and not when they are incurred. For example, a business provides plumbing ...

• Recurring Journal

  Recurring Journal is an accounting entry which is repeated periodically in some cases. Recurring journals is required for recording transactions like salary, amortization, recurring purchases, recurring sales etc., The same entries with the same ...