Accounting

Auditing Mistakes that May Cost Your Company
Accounting

Auditing Mistakes that May Cost Your Company

The existing business market is tough enough in today’s global economic climate, without being forced to tackle internal issues that have the potential to undermine your chances of achieving long-term success. Take business compliance, for example, which is a key component across multiple industries and establishes regulations which individual companies […]

What Is The Income Statement And Examples
Accounting Finance

What Is The Income Statement And Examples

Compared with the balance sheet reflecting the activity of a company at some point, the income statement shows the company’s financial situation over a long period of time. In other words, the income statement deals with the company’s revenues and expenses, presenting a summary of its financial activities from 3, […]

Types of Fixed Assets
Accounting Economy

Types of Fixed Assets

Also called “tangible assets”, the fixed assets are used for the business operation, having a price higher than a predetermined threshold dollar amount when purchased and supposed to last at least one year. One of the generally accepted accounting principles-materiality-speaks about the importance of an accounting event concerning the financial […]

What is a Balance Sheet
Accounting Finance

What is a Balance Sheet

The Balance Sheet depicts the financial situation of a company, measuring how healthy and profitable the company actually is. At the end of the accounting period (year, quarter, month), the balance sheet lists the company’s assets and the liabilities it owes. In other words, the balance sheet is about: – […]