The Financial Accounting Standards Board (FASB) has defined the following elements of financial statements of business enterprises: assets, liabilities, equity, revenues, expenses, gains, losses, investment by owners, distribution to owners, and comprehensive income. According to FASB, the Elements…
Research has found out that 30% of businesses fail because they run out of cash. The statistics underline the need to keep your eye on your financial flow. The best indicators of the health of your business are…
A Wall Street Journal survey indicates that over 50% of successful businesses have engaged a CFO on a full or part-time basis. The aim is to streamline their financial records to avoid penalties and also have a clearer…
Imagine your life without any records at all. Will you be able to keep track of how much you owe to your friend if you consistently borrow money from them without writing it down somewhere? You will not,…
For almost all entities barring a few like financial institutions, revenue is the largest single figure in the financial statements. The figure ascertains an entity’s financial performance and position. While it might be accepted that profit is…
