No need to pass the CPA exam, but understanding a few key bookkeeping and accounting terms can better equip you to read reports, avoid unnecessary errors, and http://www.metallibrary.ru/bands/discographies/a/augury/09_fragmentary_evidence.html make smarter decisions. The concepts below are some of the fundamentals that every small business owner should know. GAAP stands for Generally Accepted Accounting Principles, which are the best methods you can use to track and manage your business financials.