Accountants record closing entries at the end of every accounting period. Closing entries transfer the revenues and expenses the company incurred during the period to the equity section of the balance ...

Accounting systems and accountants must follow a set of principles called generally accepted accounting principles, commonly referred to as GAAP. These principles define the way certain transactions ...

What Is the Difference between Accounts Receivable and Accounts Payable? Your email has been sent Accounts payable and receivable are required to ensure your cash flow and spending are appropriately ...

Keeping track of the money your business owes its suppliers and vendors is crucial to its financial health and long-term viability. That’s why all businesses need an accounts payable reporting process ...

When you look at a company’s financial statements, you see a snapshot of its performance – sales figures, profit margins, and a long list of assets and liabilities. But how do you know if a company is ...