This guide was reviewed by a Business News Daily editor to ensure it provides comprehensive and accurate information to aid your buying decision. In financial accounting — one of the most common types ...

Cash-basis accounting is a primary method that small businesses use to keep track of their income and expenses. Typically, if a small business has annual sales of less than $5 million, it may choose ...

Discover how accruals affect company finances, with insights into the accrual accounting method, its applications, and examples illustrating its principles.

A company's income statement shows how much money it brought in as revenue or sales, how much it spent on expenses, and how much profit or loss -- also called net income -- was generated for a given ...

"Non-recurring" is an important concept to understand in your company's financial statements, because a non-recurring item can skew your bottom-line results. There are many different charges (or ...

IN CERTAIN INSTANCES CPAs SHOULD CONSIDER preparing and reporting on financial statements using an “other comprehensive basis of accounting” (OCBOA). Tax-basis and cash-basis, including ...

The Financial Accounting Standards Board released an accounting standards update Monday to improve financial reporting by requiring public companies to disclose, in their interim and annual reporting ...

The accounting cycle tracks a transaction until it’s added to your company’s financial statement. Follow this eight-step ...

Income statements detail revenue, expenses, and net income from top to bottom. Reading starts with revenue, deducts expenses, and ends with net income. Subtotal figures help identify missing account ...