Learn about the Statement of Financial Accounting Concepts issued by FASB, outlining financial reporting principles and their role in shaping GAAP standards.

Financial statements are written records of a business’s financial situation. They include standard reports like the balance sheet, income or profit and loss statements, and cash flow statement. They ...

The accounting cycle consists of a series of steps that record financial transactions and produce financial statements. Some data entry steps may occur at any time during the accounting cycle, other ...

Generally accepted accounting principles are a set of 10 accounting standards and guidelines created and maintained by the U.S. Financial Accounting Standards Board. Since the FASB established GAAP ...

Explore the key differences between successful-efforts and full-cost accounting methods for oil and gas companies, including their impact on expenses and financial transparency.

Learn how to prepare an up-to-date profit and loss statement, balance sheet and statement of cash flows. Many, or all, of the products featured on this page are from our advertising partners who ...

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Accounting is the process of keeping track of all financial ...

This guide was reviewed by a Business News Daily editor to ensure it provides comprehensive and accurate information to aid your buying decision. To understand the financial health of your business, ...

Q. Is there an inexpensive, easy-to-use, third-party add-on solution for achieving drillable financial statements when your small business accounting system does not offer that functionality? A. I am ...

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 ...