This guide was reviewed by a Business News Daily editor to ensure it provides comprehensive and accurate information to aid your buying decision. In financial accounting — one of the most common types ...

There are a variety of ways to think about business costs. Marginal costing income statements are more useful for analyzing inventory and production costs, while absorption costing is required under ...

Companies prepare an income summary and an income statement at the end of an accounting period. While an income summary is a clearing account used to close income-statement accounts at the end of a ...

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

IN CERTAIN INSTANCES CPAs SHOULD CONSIDER preparing and reporting on financial statements using an “other comprehensive basis of accounting” (OCBOA). Tax-basis and cash-basis, including ...

While you can use pen and paper for bookkeeping, it’s not recommended and you’ll save yourself a lot of time by properly setting up a bookkeeping system. As with any software, you can choose between ...