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 ...

Discover how cash purchases impact a company's income statement and where to find detailed records in financial reports.

Accountants with businesses big and small normally compile financial statements each quarter. The statements paint a picture of all of the company's transactions. First, the company will record the ...

In accounting, every financial transaction is recorded by two entries on the company's books. These two transactions are called a "debit" and a "credit," and together, they form the foundation of ...

IFRS 18 does not change the accounting rules for recognising revenue, valuing assets or measuring expenses. Instead, it changes the layout and discipline of financial reporting.

"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 ...

The provision for income taxes on an income statement is the amount of income taxes a company estimates it will pay in a given year. The company's final tax bill may be slightly more or less than the ...

A balance sheet provides a snapshot of a company's assets, liabilities and equity at a specific point in time, while an income statement summarizes its revenues and expenses over a period to show ...

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 ...