Business happens in real time, but it can take time for everything else to catch up. This includes accounting. Sure, financial transactions may happen instantly, but account reconciliation happens at ...

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.

A company's income statement shows the sales, expenses and profits for an accounting period. The balance sheet tracks assets, liabilities and owners' equity. In the double-entry system of accounting, ...

Consumers account for their time differently than they track their money, according to a new study in the Journal of Consumer Research. "Imagine finding a free ticket to an outdoor concert after ...

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 ...

Under the accrual basis of accounting, you must record revenues and expenses in the accounting period in which they were earned or incurred, regardless of when payment occurs. An adjusting entry is a ...