The expanded accounting equation builds upon the basic accounting equation's use of assets, liabilities and equity by incorporating additional components such as revenues, expenses and withdrawals.

There are two basic methods of accounting that businesses use to track and report revenues: the cash basis and the accrual basis. Under the accrual basis, revenues are recorded on a company's income ...

Microsoft Office Excel was designed to support accounting functions such as budgeting, preparing financial statements and creating balance sheets. It comes with basic spreadsheet functionality and ...

Selling and administrative expenses include costs like marketing and rent, not tied to product production. Managers use these expenses to tailor company strategies and optimize operations. Frequent ...

Brian Beers is a digital editor, writer, Emmy-nominated producer, and content expert with 15+ years of experience writing about corporate finance & accounting, fundamental analysis, and investing.

According to the National Association of Manufacturers, manufacturers contributed $1.87 trillion to the United States economy in 2012, an increase from the $1.73 trillion contributed in 2011.

A lot depends on the nature of your business. In some cases accounting methods can actually be part of your business strategy; inventory accounting is one of those methods. Specific identification ...