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…

20 Sep

A sole proprietorship is the business or an individual who has decided not to carry his business as a separate legal entity, such as…

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…

13 Sep

Financial managers can do certain things to increase or decrease net income that’s recorded in the year. This is called profit smoothing, income…

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…

11 Aug

A balance sheet is a quick picture of the financial condition of a business at a specific period in time. The activities of a…