Nice to meet you. I am Ai, the lazy accountant.I will start with the conclusion.Costs for goods or services received in December are December expenses, even if the invoice arrives after the New Year.

Companies accrue liabilities throughout its operations. One example of an accrued liability is taxes. Companies accumulate taxes overtime as an expense that needs to be paid in the future. However, ...

Matching income and expenses to the periods in which they occur reflects a company's true financial position more accurately than entering records when cash is exchanged. Using this method of ...

Last time, I wrote about subsidies. It was about how different clocks run for 'money coming into' a company, depending on ...

Accrual accounting is one of the primary accounting methods and is based on the matching principle, which dictates that revenues and their associated expenses be recorded in the same accounting period ...

Accruals in accounting are income earned and revenue incurred that are recorded as transactions occur, rather than upon completion of payment or delivery. Accruals are the basis of the accrual method ...

Relatively early in a law firm's existence, a decision is required concerning whether to report financial activities to the Internal Revenue Service on a "cash" or "accrual" accounting basis.

Need a break? Most employers think you do. According to the Bureau of Labor Statistics, 76 percent of workers in private industry enjoy paid vacation time, making it one of the most common benefits ...

The number of countries reporting their financial positions on an accrual basis is expected to increase from 37 to 98 by 2023, jumping from 25 percent to 65 percent, according to a new report.

Financial Accounting is the process of recording, summarizing and reporting transactions and revenue-expense generations in a time period. For example, investors or sponsors need to verify an account ...