In a company's financial records, contra-revenues and expenses produce the same ultimate result: They both reduce net income. The difference is that expenses represent money that flows out of a ...

The Chart of Accounts (COA) is the backbone of the financial system. It provides the organizing framework for both financial and management reporting within the financial system. The COA structure is ...

Accounting is vital to a business’s financial hygiene; here’s everything entrepreneurs need to know about it. Many, or all, of the products featured on this page are from our advertising partners who ...

Understanding payment terms is essential for small businesses to ensure timely payments and maintain healthy cash flow. By setting clear expectations with customers, businesses can improve their ...

What Is Financial Accounting Standard 157 (FAS 157)? Financial Accounting Standard 157 (FAS 157) is the Financial Accounting Standards Board (FASB)’s controversial fair value accounting standard, ...

The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) aimed at refining derivative ...