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General Purpose Financial Statements?
General-purpose financial statements are issued throughout the year to aid investors and creditors in their…
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Financial Ratio Analysis
Financial ratios are mathematical comparisons of financial statement accounts or categories. These relationships between the…
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What is the Statement of Cash Flows?
The Statement of Cash Flows (also referred to as the cash flow statement) is one of…
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Chart of Accounts
Introduction to Chart of Accounts A chart of accounts is a listing of the names…
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The types of accounting
There are several types of accounting that range from auditing to the preparation of tax…
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Financial Accounting Basics
The field of accounting is often thought of as a set of complex business rules…
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What is the FASB (Financial Accounting Standards Board)?
Definition: The Financial Accounting Standards Board or the FASB is an organization created to establish…
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Accounting Principles
What are Accounting Principles? Definition: Accounting principles are the building blocks for GAAP. All of the…
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Income Statement
The income statement is one of the three primary financial statements used to assess a company’s performance and financial…
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Profit & Loss (P&L) Statement
WHAT IS A PROFIT & LOSS (P&L) STATEMENT? The profit & loss (P&L) statement is one of the…