If you own your own business or manage one for someone else, you can learn how your business performed in a given period by reviewing your company's financial statements. If you use the accrual method ...

Businesses create financial statements to communicate the financial state of the business. The accountant prepares the financial statements on an accrual basis or on a tax basis. Accrual basis ...

Learn when and how revenue is recognized in accrual accounting, even without cash receipt, following GAAP. Discover the ...

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 ...

The general tax rules for income recognition under an accrual method of accounting were changed in the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which added new Secs. 451(b) and (c).