Summarizing the differences - 1
Corporate accounting
- Is a mandatory activity
- Takes a historical view only
- Conforms to generally rigid standards
- I.e. Generally Accepted Accounting Practices (GAAP)
- Is subject to regular financial audit
- Spans fiscal periods
- Typically takes time to report
- And then by the organization's standard chart of accounts
- Includes accruals
- And is accurate to the nearest penny