Financial Accounting

Adjusted trial balance is a list of all the accounts of a business with their adjusted balances. Before … Read More

To ensure that financial statements are up to date, GAAP requires the use of accrual accounting. To practice … Read More

What was once called finance is now referred to as financial management, reflecting the current emphasis on the … Read More

Trial balance A list of all the accounts of a business and their balances; its purpose is to … Read More

To properly record, or journalize, transactions in the general journal, it is helpful to complete a five-step process. … Read More

General Journal The general journal is a chronological, or date order, record of the transactions of a business. … Read More

Definition: Journal entries made at the end of the accounting period to measure the period’s income accurately and … Read More

The primary goal of any accounting system is to capture, summarize, and report useful information to users so … Read More

At first glance, cloud-based accounting systems seem like the way to go. Sure, these programs have benefits for … Read More

Many long-time desktop accounting programs have been purchased by larger software vendors and discontinued. For instance, Sage is … Read More

With the wide variety of easy-to-use accounting software available, there’s no reason not to use it. Sure, it’s … Read More

A T-account isn’t a type of account in your books, but rather a device you use for visualizing … Read More

The amount of assets a business owns at a point in time must equal the amount of financing … Read More

Much of the work of financial accountants consists of summarizing financial information in accordance with generally accepted accounting … Read More

Cash flow refers to the ways in which cash moves in and out of a business through receipts … Read More