One of the toughest rites of passage investors go through is learning how to navigate financial statements. In particular, understanding the difference between accounting income and cash flow is a ...

Discover key differences in income statements for merchandising and service companies, including inventory, cost of goods sold (COGS), and revenue variations.

Accounting standards for taxes and financial reporting differ. Some differences never change, such as standards for tax-exempt income or claiming half of entertainment expenses. Other differences ...

Revenue and income are also prominent fixtures in tax forms filed with the IRS, as well as in company strategies for ...

Accrual basis accounting is typically the preferred method, but cash basis accounting may work for very small businesses. Many, or all, of the products featured on this page are from our advertising ...

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

Preparers of private company and not-for-profit organization financial statements will have to implement provisions of Topic 740 of the FASB Accounting Standards Codification (ASC) relating to ...

Notes, also known as footnotes, are important in accounting because they provide additional information regarding methodology, valuation, time period and myriad other calculation nuances. Financial ...

With five years of experience as a writer and editor in the higher education and career development space, Ilana has a passion for creating accessible, relevant content that demystifies the higher-ed ...

Time and again, CPAs and other accounting and tax professionals are faced with the unique income tax provisions related to trusts and estates. Aside from summarizing the general rules related to the ...

In order to determine income using generally accepted accounting principles, you take the revenue that a company recognizes for a specific period and subtract the cost of the goods or services that ...