Learn how accounting spreadsheets work with real examples of journals plus when to switch to accounting software.

Implicit and explicit business transactions relate to a company's opportunity costs and cash expenditures. A business incurs explicit costs from a variety of sources, including hiring workers and ...

Suzanne is a content marketer, writer, and fact-checker. She holds a Bachelor of Science in Finance degree from Bridgewater State University and helps develop content strategies. Crea Taylor / ...

Businesses provide products or services in exchange for money. The purpose of accounting is to record these financial exchanges or transactions. Simply put, accounting transactions are records kept of ...

GASB on Wednesday issued a proposed concepts statement addressing recognition of financial statement elements as well as a call for feedback on preliminary views on revenue and expense recognition ...

Understanding these concepts can help you make smarter financial decisions in the long run and day to day. Many, or all, of the products featured on this page are from our advertising partners who ...

Another major issue in revenue accounting is when to recognize or record the revenue. A common practice is to record the revenue when we receive payment (cash) from the customer. This is referred to ...