As the world becomes increasingly interconnected, the need for a common set of accounting standards has become more important than ever. That's where the International Accounting Standards Board...
Category: Financial Accounting
What exactly is FASB, and what role does it play in the world of accounting? The Financial Accounting Standards Board (FASB) is an independent, private-sector organization that establishes and...
Depreciation is an important accounting concept that helps businesses allocate the cost of their assets over their useful lives. There are different methods that businesses can use to calculate...
Depreciation is an important aspect of accounting that helps businesses allocate the cost of their assets over their useful lives. There are different methods that businesses can use to calculate...
What is the Difference Between Half-Year and Mid-month Conventions in Depreciation?
Half-year convention and mid-month convention are two methods used in accounting to calculate depreciation of assets. The half-year convention assumes that an asset is placed in service at the...
Allowance for doubtful accounts is a contra asset account that is used to offset the accounts receivable account. It represents an estimate of the amount of accounts receivable that a company...