The whole point of accounting is to present a precise financial picture of your business operations. By the accepted standards of the industry, financial accounting consists of five basic elements.

The most important accounting formulas are practical and intuitive, making them easy to remember and apply. Many, or all, of the products featured on this page are from our advertising partners who ...

Accounting is a comprehensive system for collecting, recording, classifying, summarizing, interpreting, and communicating financial information. It is often referred to as the language of business as ...

Financial accounting is a specific type of accounting that uses standardized processes and guidelines for businesses to record their financial transactions and prepare financial statements for ...