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A chart of accounts is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Learn about the types, structure, administration and international aspects of charts of accounts.
Goodwill is an intangible asset recognized when a firm is purchased as a going concern. It reflects the premium that the buyer pays in addition to the net value of its other assets, and it is not amortized or impaired under U.S. GAAP and IFRS.
An income statement shows the revenues and expenses of a company or organization during a period of time. It indicates how the revenues are transformed into the net income or net profit, and it is useful for assessing the financial performance and capability of generating future cash flows.
The accounting equation is the foundation for the double-entry bookkeeping system and the cornerstone of the entire accounting science. It states that assets minus liabilities equals equity, and it can be applied to various transactions and financial statements.
AOL Mail offers features like news, weather, security and spam-blocking for free. You can sign up for an AOL account and access your email on the go with an app or on the web.
USAA is a financial services company that offers insurance and banking products exclusively to members of the military, veterans and their families. It was founded in 1922 by a group of U.S. Army officers and has expanded to serve other military services and civilians in some areas.
Learn the meaning and history of debits and credits in double-entry bookkeeping, and how they are used to record changes in value from business transactions. Find out the rules and examples of debits and credits for different types of accounts.
Discounts and allowances are reductions to a basic price of goods or services.. They can occur anywhere in the distribution channel, modifying either the manufacturer's list price (determined by the manufacturer and often printed on the package), the retail price (set by the retailer and often attached to the product with a sticker), or the list price (which is quoted to a potential buyer ...