American accountants follow the generally accepted accounting principles, called GAAP, when recording transactions and preparing financial statements. One of those financial statements is the income ...

Learn what an onerous contract is, regulations for reporting them, and examples. Explore how IFRS and GAAP differ in handling these unfavorable contracts.

"Uncertainty" in accounting refers to the difficulty of predicting outcomes because of limited or inexact knowledge. Financial statements often contain estimates and other information based on ...

The Chart of Accounts (COA) is the backbone of the financial system. It provides the organizing framework for both financial and management reporting within the financial system. The COA structure is ...

Accrual accounting is the GAAP-preferred practice of recording all revenues and expenses when they occur, even if payment has not yet been sent or received. In business, all financial transactions ...

She has 15+ years of experience as a financial writer and technical analyst. Cash and cash equivalents (CCE ... However, the actual accounting definition is more complex. Financial Accounting ...

Norwalk, Conn. — In a continuing effort to quickly converge at least a few U.S. standards to international standards, the Financial Accounting Standards Board is hammering out a proposal on liability ...

Cost accounting is a process that involves recording, analyzing, and reporting a company's expenses in detail. Unlike ...

Now that the various classifications of revenue have been defined, it is important to identify what is revenue. Identifying what qualifies as revenue is critical not only from an accounting and ...

What Is Fund Accounting? Definition, Importance and How It Works Your email has been sent Fund accounting is an accounting system that’s used by nonprofit organizations or government entities. Learn ...