Learn what every business owner needs to know about financial accounting, accounting software and financial statements.

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Another major issue in revenue accounting is when to recognize or record the revenue. A common practice is to record the revenue when we receive payment (cash) from the customer. This is referred to ...

The following general ledger/commitment items are used to record revenue as category 2 and 3 of the Statement of Financial Activity (SoFA) report. The categories are outlined alphabetically. Each ...

The Financial Accounting Standards Board released an accounting standards update Thursday, with guidance on accounting for revenue contracts with customers acquired in a business combination. The ...

Explore the key differences between successful-efforts and full-cost accounting methods for oil and gas companies, including their impact on expenses and financial transparency.

If you run a small business, you may not know much about the Generally Accepted Accounting Principles (GAAP). After all, GAAP standards apply mainly to publicly traded companies, so these rules don’t ...