Internal control is a process that organizations use to ensure the accuracy and completeness of their financial statements. There are five components of internal control: control environment, risk assessment, control […]

Understanding how to record a journal entry for bond issuance is an important skill for any business owner. Bonds are a type of debt financing that allows businesses to borrow

Amortization of prepaid expenses is a process by which businesses allocate the cost of a prepaid expense over its useful life. This means that instead of expensing the entire cost

Treasury stock is a term used to describe a company’s own shares that have been repurchased and are held by the company. It is important to understand where treasury stock

As a business owner or manager, you’re always looking for ways to cut costs and improve your bottom line. One area where you can make a significant impact is in

When it comes to accruing vacation time under GAAP, there are a few things you need to keep in mind. Here are the key points you need to remember when

If your business disposes of any fixed assets, you’ll need to record the journal entry for it correctly. This includes debiting the relevant asset account and crediting the cash account.