GASB on Wednesday issued a proposed concepts statement addressing recognition of financial statement elements as well as a call for feedback on preliminary views on revenue and expense recognition ...

Expense accounts are an integral part of the double-entry system of accounting and are used to record various costs businesses incur. The way expense accounts work is relatively simple, but to use ...

Marshall Hargrave is a stock analyst and writer with 10+ years of experience covering stocks and markets, as well as analyzing and valuing companies. David Kindness is a Certified Public Accountant ...

Depreciation spreads the cost of tangible assets over their useful life on income statements. Each year, $1,500 is recorded as a depreciation expense, reducing the asset's book value. Amortization and ...

Inventory is the merchandise you have purchased that you expect to resell to customers. Prepaid inventory is inventory for which you have paid but have not yet received. Regardless of when you pay for ...

An income statement is a financial document that details the revenue and expenses of a company. Some investors and analysts use income statements to make investing decisions. The income statement, ...

J.B. Maverick is an active trader, commodity futures broker, and stock market analyst 17+ years of experience, in addition to 10+ years of experience as a finance writer and book editor. Amy is an ACA ...

Nearly every line item on the firm's expense statement was under budget in 2020, but the firm's leadership expects the trend to reverse later this year. It was a lopsided financial year for Stinson, ...

Every company produces three important financial reporting documents when the fiscal period comes to a close: the balance sheet, cash flow statement, and the profit and loss statement. Among these, ...