The process of allocating a fixed asset’s cost to expense over its useful life is referred to as … Read More

Typical business assets are divided between non-current assets, which are expected to be retained by the business for … Read More

Three financial statements are critical to financial statement analysis: the balance sheet, the income statement, and the statement … Read More

Fraud Triangle The combination of perceived pressure, rationalization, and perceived opportunity necessary to commit fraud. For fraud to … Read More

The major difference between international accounting standards (IFRS) and US accounting standards (GAAP) is the use of current … Read More

Inventory is reported as a current asset and is often listed after receivables on a balance sheet. In … Read More

Definition: A trial balance prepared at the end of the accounting period, before the adjusting entries are made. … Read More

A list of the accounts and their balances at the end of the accounting period after closing entries … Read More

Journal entries prepared at the end of the accounting period to zero out the revenue, expense, and dividend … Read More

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