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

In business management, inventory is the term commonly used for goods that are incorporated in the manufacture of products or the supply of services; supplies are consumable items used in the running ...

In early May, several pronouncements were issued by the Internal Revenue Service in connection with changes in accounting periods. The guidance reflects the continuing effort by the IRS to identify ...

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Accurate bookkeeping is a necessity for any business.

The end of any accounting period is chaotic without the right procedures in place to ensure everyone has the right information and reports. Establishing set procedures for period-ending reporting ...

Companies have always faced a major issue of how to reflect changes in accounting methods and error corrections in financial statements. In 2005 FASB issued Statement ...

Understand adjusting entries for accounting purposes, how they are made and what they impact. Many, or all, of the products featured on this page are from our advertising partners who compensate us ...

Knowing GAAP accounting principles will help you understand why your accountant does the things they do. Many, or all, of the products featured on this page are from our advertising partners who ...

Ask someone to define a year and they’ll probably say January 1 to December 31. That’s correct of course—but it’s not the only correct definition. January to December represents a calendar year: the ...

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