Learn the differences between the percentage of completion and completed contract methods. Discover how each impacts revenue ...

Discover the hidden details in financial footnotes essential for interpreting income statements, balance sheets, and cash ...

The two types -- or methods -- of financial accounting are cash and accrual. Although they're distinct, both methods rely on the same conceptual framework of double-entry accounting to record, analyze ...

Learn what every business owner needs to know about financial accounting, accounting software and financial statements.

While large corporations and publicly traded companies must follow the financial accounting, small businesses have the choice of using either the financial accounting method or the tax accounting ...

A company’s success hinges upon the mastery of its finances. While practically every business must maintain a tight rein on its assets, liabilities, income and cash flow, these accounting processes ...

The first treatise on double-entry bookkeeping came from the mind and pen of Luca Pacioli. If you've ever wondered why there is a system of accounting software named after a Renaissance era ...

Restaurant accounting has specific needs and features. Here's a look at restaurant accounting methods and expenses, how tips ...

On May 10, 2018, the Internal Revenue Service (IRS) issued Rev. Proc. 2018-29, 2018-21 I.R.B. 1, which provides automatic accounting method change procedures for taxpayers seeking to align methods of ...

The Financial Accounting Standards Board (FASB) continues to issue pronouncements that are intended to improve investors’ and lenders’ ability to value equity and debt securities. Numerous statements, ...

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which generally took effect in 2018, provides welcome simplifications for small business taxpayers. This article highlights some of ...

The IRS has issued new guidance on automatic accounting method changes. Revenue Procedure 2009-39 provides certain additions, modifications and clarifications to Revenue Procedures 2008-52 and 97-27 ...