It might seem like a no-brainer to define just exactly what profit and loss are. But of course these have…
It might seem obvious, but in managing a business, it's important to understand how the business makes a profit. A…
There are many different careers in the field of accounting ranging from entry-level bookkeeping to the Chief Financial Officer of…
Most audit reports on financial statements give the business a clean bill of health, or a clean opinion. At the…
Accounting fraud is a deliberate and improper manipulation of the recording of sales revenue and/or expenses in order to make…
Independent CPA auditors are like referees in the financial reporting arena. The CPA comes in, does an audit of the…
It's obvious financial statement have a lot of numbers in them and at first glance it can seem unwieldy to…
While some lines of an income statement depend on estimates or forecasts, the interest expense line is a basic equation.…
Of course profit and cost of goods sold expense are the two most critical components of an income statement, or…
The first and most important part of an income statement is the line reporting sales revenue. Businesses need to be…