29 Sep

While some lines of an income statement depend on estimates or forecasts, the interest expense line is a basic equation. When accounting for…

27 Sep

The first and most important part of an income statement is the line reporting sales revenue. Businesses need to be consistent from year to…

23 Sep

Direct costs are those costs that can be directly attributed to a product or product line, or to one source of sales revenue, or…

15 Sep

Some business owners choose to create partnerships or limited liability companies instead of a corporation. A partnership can also be called a firm,…

14 Sep

Most businesses start out as a small company, owned by one person or by a partnership. The most common type of business when there…

09 Sep

Financial statements are the backbone of a complete financial report. In fact, a financial report is not complete if the three primary financial statements…

01 Sep

Forensic accounting is the practice of utilizing accounting, auditing, and investigative skills to assist in legal matters. It encompasses 2 main areas…

31 Aug

Accountants and auditors help to ensure that the Nation’s firms are run efficiently, its public records kept accurately, and its taxes paid…

17 Aug

In an accountant’s reporting systems, depreciation of a business’s fixed assets such as its buildings, equipment, computers, etc. is not recorded as a cash…

16 Aug

Depreciation is a term we hear about frequently, but don’t really understand. It’s an essential component of accounting however. Depreciation is an expense that’s…