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What is a profit and loss statement?

A profit and loss statement summarizes a business’s revenue and expenses. Learn how to use a profit and loss statement to ...
JD Supra

Corporate Trustee’s Statements May Suffice For A Statutory Accounting

Trust beneficiaries often request a corporate trustee to prepare a statutory accounting. The Texas Trust Code in Section 113.151 provides that a beneficiary may request a written statement of accounts ...
JournalofAccountancy

OCBOA Financial Statements

IN CERTAIN INSTANCES CPAs SHOULD CONSIDER preparing and reporting on financial statements using an “other comprehensive basis of accounting” (OCBOA). Tax-basis and cash-basis, including ...
Business.com on MSN

Everything you need to know about the statement of shareholders’ equity

A statement of shareholder equity can tell you if your business is doing well or if it's time to fine-tune some of your ...
Houston Chronicle

What Is the Effect on Financial Statements if the Accounting Cycle Is Not Followed?

A company may set its competitive sights high to make money and make more of it over time, but it must heed its accounting cycle to ensure personnel follow stipulations top leadership has established.

Understanding Pro Forma vs. GAAP Financial Statements: Key Differences

Discover the crucial differences between pro forma and GAAP financial statements. Learn why companies use both and the ...
Houston Chronicle

How Do the Elements of Accounting Affect a Financial Statement?

Assets, liabilities, owner's equity, revenue and expenses -- the five main elements of accounting -- each affect a financial statement differently. How each element affects a financial statement, ...