Discover the differences, advantages, and drawbacks of single-step vs. multiple-step income statements for better financial ...

Companies periodically report gains, losses, income and expenses on their income statements. This statement distinguishes between your company's results from operations and those from other sources.

Other comprehensive income (OCI) is a term used in business accounting to define transactions that aren't yet realized. These figures include revenues, expenses, gains, and losses—all of which are ...

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

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 ...

As a business owner monitoring the financial health of your business is an essential task. You need to understand the financial position of your company and how you can improve it. The income ...

The Financial Accounting Standards Board is proposing a new chapter in its conceptual framework that defines 10 elements of financial statements. The proposed chapter, Concepts Statement No. 8, ...