Suppose you buy a major asset like a new piece of machinery. Under standard accounting rules, you cannot write off the cost of the machinery in the year you incur the expense. Rather, you have to ...

Learn how the lower of cost or market (LCM) method helps value inventory accurately by using the lesser of historical cost or market value, key for GAAP compliance.

Accounting technology is revolutionizing the way firms operate. What once took paper ledgers and hours of manual work can now be done in a fraction of … ...

Business bookkeeping gets very complex, with divisions and subsidiaries requiring their own set of accounts. When the business accounting records are established, every account is titled and assigned ...

The Financial Accounting Standards Board issued an accounting standards update Thursday for nonprofits, modifying the definition of the term “collections” to align it with the American Alliance of ...

Every year, for decades, the City of Chicago claimed to balance its budget as required by state law. Yet the City of Chicago still accumulated many billions of dollars of unfunded but real obligations ...

Katrina Ávila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications. Oracle applications ...