It may seem belated, but the Governmental Accounting Standards Board has just recently gotten around to defining such fundamental accounting concepts as "asset" and "liability."It has also defined a ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Every business keeps records of its operations and transactions, and accountants take this information to produce four basic financial statements: a profit and loss statement, balance sheet, statement ...

Income statements, balance sheets and cash flow statements. If you're running a business, you probably have some knowledge of basic financial statements and how to use them. But do you know why ...

There are three types of financial statements for businesses: income statement, balance sheet and cash flow statement. Each of these financial statements shows a different aspect of the business.

Learn how to prepare an up-to-date profit and loss statement, balance sheet and statement of cash flows. Many, or all, of the products featured on this page are from our advertising partners who ...

Learn 12 essential things about financial statements that investors need to know. These insights can guide smarter investment ...

Financial statements are written records of a business’s financial situation. They include standard reports like the balance sheet, income or profit and loss statements, and cash flow statement. They ...