A balance sheet provides a snapshot of a company's assets, liabilities and equity at a specific point in time, while an income statement summarizes its revenues and expenses over a period to show ...

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University. Katrina Ávila Munichiello is an experienced editor, ...

In business accounting, several basic financial statements are prepared regularly to maintain awareness of the company's financial condition. These documents provide management, creditors and possible ...

If you own and operate your business single-handedly, financial specialists would call the company a "single-owner entity," also known as a sole proprietorship. From a legal standpoint, a single-owner ...

Both involve a company’s finances, but their differences are significant Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Gordon ...

Create this important document to show investors the true net worth of your business, and to keep track of your financial trajectory. If the income sheet shows what you’re earning, the balance sheet ...

In April 2004, FASB and the International Accounting Standards Board (IASB) created a joint project on financial statement presentation. The project is part of the memorandum of understanding between ...

A new standard FASB issued Friday is designed to improve the way deferred taxes are classified on organizations’ balance sheets. Accounting Standards Update No. 2015-17, Income Taxes (Topic 740): ...

The ending balance of a cash-flow statement will always equal the cash amount shown on the company's balance sheet. Cash flow is, by definition, the change in a company's cash from one period to the ...