Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

There are two basic methods of accounting that businesses use to track and report revenues: the cash basis and the accrual basis. Under the accrual basis, revenues are recorded on a company's income ...

Accountants often talk about booking an accrual journal entry or having to accrue a transaction, and if that is not your industry, you might wonder what they mean by this. In short, Accountants need ...

In the U.S., there are accounting standards known as Generally Accepted Accounting Principles (GAAP). They are the accounting standards used for all businesses in this country and provide principles ...

Financial accounting is a specific type of accounting that uses standardized processes and guidelines for businesses to record their financial transactions and prepare financial statements for ...

The type of accounting method a company chooses will determine how it will record and keep track of finances. According to Entrepreneur.com, the two most basic accounting methods are cash and accrual ...

First, let me say that the independent accounting professions promulgating “generally accepted accounting principles” (GAAP) for the United States, Australia, New Zealand, Canada, and the United ...

Progress has not been as quick as predicted, but is expected to continue, according to IFAC and the Chartered Institute of Public Finance and Accountancy.

Every year, for decades, the City of Chicago claimed to balance its budget as required by state law. Yet the City of Chicago still accumulated many billions of dollars of unfunded but real obligations ...

Most businesses handle their accounting on an accrual basis. What is accrual basis accounting? It’s the practice of recording transactions at the point of origination, even if no money changes hands ...