Learn to report contingent liabilities under GAAP. Understand probability categories—probable, possible, remote—and how to ...

Mitchell Grant is a self-taught investor with over 5 years of experience as a financial trader. He is a financial content strategist and creative content editor. Dr. JeFreda R. Brown is a financial ...

The International Accounting Standards Board has published a proposed set of changes in the accounting standards for financial liabilities to address what it calls the "counter-intuitive" effects of ...

Asset management is an integral part of accounting basics that deals with the monitoring and maintenance of valuable items owned by an individual or an entity. Assets contribute significantly to the ...

Set up an accounts payable process to ensure vendors are paid on time, reduce duplicate payments, and maintain accurate financial records for your business.

An understatement in accounting refers to business assets given a valuation lower than their fair market value or a devaluation of liabilities to less than their actual cost. Either results in an ...

The Financial Accounting Standards Board adopted ASC 842 in 2016 to give investors and lenders more visibility into companies’ holdings. When the new standard goes into full effect later this year, it ...

Before any meaningful discussion can occur about the effect that a cash purchase of office supplies has on the accounting equation, it is important to understand what the accounting equation is and ...