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

Accounting is very important for running any kind of business, especially a small business. Accurately keeping track of expenses and profits can result in a small business earning a lot of money or ...

While bookkeeping and accounting are both essential business functions, there is an important distinction. Bookkeeping is responsible for the recording of financial transactions. Accounting is ...

Discover how micro accounting works at personal, corporate, and government levels. Learn its processes and how it contrasts with macro accounting strategies.

Set up an accounts payable process to ensure vendors are paid on time, reduce duplicate payments, and maintain accurate financial records for your business.

Last year, the Financial Accounting Standards Board (FASB) provided private companies with an extra year to adopt lease accounting standard ASC 842. When this was announced, 63.8% of surveyed private ...

Payroll accounting helps employers stay on top of what they owe employees and understand how worker compensation impacts cash flow. Accounting is a critical part of every business, but have you heard ...

Learn how double-entry accounting records transactions twice, ensuring balance and accuracy by showing both a credit and a ...

The Financial Accounting Foundation’s board of trustees is changing the process for doing post-implementation reviews of the effectiveness of accounting standards, shifting the leadership of the ...

The handling of prepaid expense deferrals and expense accruals will be consistent with the last nine fiscal years. General Accounting processes all prepaid expense deferrals and accruals for all of ...

When a business engages in any economic activity, such as selling goods, purchasing supplies or paying salaries, these events must be recorded in the financial books. This is the first phase of the ...