Any business, anywhere in the world, no matter how big or small can represent virtually all its operations with three main financial statements: the balance sheet, the income statement—also called the ...

The American Institute of CPAs has sent a letter to the Multistate Tax Commission and a related work group recommending changes in their proposed approach to state tax sourcing of partnership income.

In accounting, every financial transaction is recorded by two entries on the company's books. These two transactions are called a "debit" and a "credit," and together, they form the foundation of ...

A balance sheet displays what a company owns, what it owes, how it's financed, and its shareholders' equity at a particular point in time. An income statement displays the company's revenues and ...

Net income is the total amount of income left after expenses and deductions are taken out. You can find a company's net income on its income statement to assess the health of a business. Net income is ...

Income statements detail revenue, expenses, and net income from top to bottom. Reading starts with revenue, deducts expenses, and ends with net income. Subtotal figures help identify missing account ...

Forbes contributors publish independent expert analyses and insights. Melissa Houston covers financial issues that affect women in business. How often do you read the profit and loss statement for ...