Financial accounting is a multi-step process for companies following double-entry methods. The first and most important step begins with a journal entry: the recording of financial information related ...

The accounting cycle tracks a transaction until it’s added to your company’s financial statement. Follow this eight-step ...

Auditors know that journal-entry testing is one of many procedures they can use in addressing client data completeness and, hence, audit risk (see AU-C Section 240, Consideration of Fraud in a ...

Tracking your company’s spending is essential for maintaining accurate financial records. One financial accounting method businesses use is the payroll journal entry. Payroll journal entries record ...

When you buy supplies for your company, you record the expense in your supplies account. Once the supplies are used, they become an expense that must be listed on the income statement. You need to ...