Assets, liabilities, owner's equity, revenue and expenses -- the five main elements of accounting -- each affect a financial statement differently. How each element affects a financial statement ...

Have A Formal Record-Keeping Process Every business should have a formal way to keep accurate financial records, such as accounting software or a point-of-sale system.

Usually, it's prepared by one or more CPAs who uphold proper accounting standards. And financial statements that report the financial accounting of public companies are audited for truth and accuracy.

If the accounting cycle -- recording, transaction analysis, data accuracy check and financial reporting -- doesn't go through the normal steps, the result is a quartet of accounting reports not in ...

Statements of Financial Accounting Standards (SFAS), published by the Financial Accounting Standards Board (FASB), provided guidance on a specific accounting topic, until 2009.

Accounting is like a powerful machine where you input raw data (figures) and get processed information (financial statements). The whole point is to give you an idea of what’s working and what ...

Accounting is the practice of tracking your business's financial data and interpreting it into valuable insights. This allows you to generate crucial financial statements, such as a balance sheet ...

Each Statement of Financial Accounting Concepts is nonauthoritative. “The new chapters of the FASB’s Conceptual Framework address two important areas of financial reporting: financial statement ...

The revised exposure draft, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements, proposes concepts relating to ...