Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Accounting is the process of keeping track of all financial ...

The income statement, or profit and loss statement, reflects a company's revenues and expenses for a period. When a company uses the accrual basis of accounting, it records its revenues when they are ...

The provision for income taxes on an income statement is the amount of income taxes a company estimates it will pay in a ...

Accounting is vital to a business’s financial hygiene; here’s everything entrepreneurs need to know about it. Many, or all, of the products featured on this page are from our advertising partners who ...