Under the accrual basis of accounting, you must record revenues and expenses in the accounting period in which they were earned or incurred, regardless of when payment occurs. An adjusting entry is a ...

Many businesses prefer the simplicity of using cash basis accounting. An expense is recorded when cash is paid and income is recorded when cash is received. However, Generally Accepted Accounting ...

When it comes to operating a business, some of the most important metrics to track include the amount of revenue coming through the door, and whether that's sufficient to pay for the various costs ...