Discover the three essential financial statements required by GAAP: income statement, balance sheet, and cash flow statement, ...

Learn what every business owner needs to know about financial accounting, accounting software and financial statements.

When investing, assessing a company’s assets and liabilities is a basic requirement to determine what the company is worth. Thankfully, public companies file their financial statements with the ...

When a business is audited, the reviewer job is to ensure that management's assertions in the financial statements are verifiably true. To assess the validity of these claims, the auditor will conduct ...

Assets generate income and appreciate in value, while liabilities drain resources and depreciate over time. Do you want to improve your net worth? Probably so. But if you’re like many people, you ...

Financial statements present a standardized overview of a company's financial position for a specific period of time. These statements serve a variety of purposes and are created for a range of ...

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 has decided to tweak some of its standards related to contract assets and liabilities for construction contractors in response to recommendations from its ...

A balance sheet is a versatile document that offers a snapshot of a company's or individual's finances at a given point in time. Businesses can use balance sheets to develop plans for the future and ...

Income statements, balance sheets and cash flow statements. If you're running a business, you probably have some knowledge of basic financial statements and how to use them. But do you know why ...