Businesses rely on their accountants to report accurate information. The owners and managers use this information to make decisions on behalf of the business. The accountant records financial ...

Journal entries are the basic, essential building blocks that are used to create a company's balance sheet and income statement. Adjusting journal entries are used by all companies that comply with ...

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 ...

When a business engages in any economic activity, such as selling goods, purchasing supplies or paying salaries, these events must be recorded in the financial books. This is the first phase of the ...