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

Liabilities are financial obligations taken on by a company to help finance its operations. Liabilities are what’s owed by an individual or a company. They are—in accounting terms—a company’s present ...

Learn the principles of financial accounting, its importance, and how it functions to provide a clear picture of a company's financial health and compliance.

Liabilities are the debts and obligations that detract from a company’s total value, which have to be paid over a certain period of time. The form of the debt can vary – common examples include ...

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 ...

Our two preceding columns exposed the weak arguments against expensing options, and then analyzed the incomplete methods that predated the Financial Accounting Standards Board’s March 2004 exposure ...

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 ...

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 ...

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 ...