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February 16, 2014

An entities debts and obligation that are not due within one year or business cycle, whichever is longer. To learn more visit Long-Term Liabilities - Accounting Actualities

February 9, 2014

It’s all about the revenue. Without profit that is generated by revenue, no one would care about business, and hence no one would care about accounting. So how we recognize when that money is actually earned is very important. To learn more take a look at our page here at Revenue Recognition - Accounting Actualities.

February 2, 2014

Analyzing, often included as part of the journalizing step, identifying and analyzing is the start of any entry. Here we determine which events represent transactions that should be recorded, and which accounts are effected. To read more on the Accounting Cycle - Accounting Actualities.

January 16, 2014

The elements of accounting are the building blocks which accounting is built upon. Learn about the elements of accounting the our elements page.

January 9, 2014

The conceptual framework for financial reporting is defined in the Statements of Financial Accounting Concepts, with the exception of number 4. Additionally SFAC 1, 2 and 3 have been superseded. A conceptual framework is like a constitution used to setting the principle in which laws are made, but in this case rules of accounting and reporting. To learn more visit our page on the Conceptual Framework.

January 2, 2014

Generally Accepted Accounting Principles (GAAP) are the guiding principles for public accounting. Today the authoritative rules are in a collection referred to as “The Codification”. We have updated the tutorial of the Codification, and expanded the history of GAAP and how it was made. Financial Accounting Standards