Accounting 101

Consolidated financial statements are pretty popular considering all the mergers and acquisitions in the business world. A lot of companies also simply operate with the parent/subsidiary structure which requires consolidated […]

Related party transactions are inevitable in business and they are often discussed in accounting due to their risky nature. These transactions are always under scrutiny since there’s a higher fraud

The audit world goes way beyond financial statements audit, which is the type that most people know or have heard about. For instance, there is internal audit, performance audit, forensic

The balance sheet is an important report of the financial statements. Within the balance sheet, we can find information on the assets, liabilities and shareholders’ equity of a company. There

Retained earnings are one of the most important areas on the balance sheet that draw focus from owners, investors and stakeholders. It can be a quick way to get an

Everyone believes accounting is all numbers and mathematical calculations, that it should be pretty straightforward and logical. Is it really though? Not quite. In the accounting world, not everything is

Audits are increasing in popularity due to the level of assurance they provide for the information provided within financial statements. To obtain an adequate level of assurance, independent auditors need

Many options are available for calculating depreciation. Most common methods are the straight line method or the declining balance method. One that is a little less commonly known is the

In accounting, accounts are classified as assets, liabilities, equity, revenues or expenses. This is common knowledge for accountants. A topic that is less discussed are permanent accounts which are used

Accountants learn early on that there are multiple types of accounts classified as assets, liabilities, equity, revenues or expenses. This is considered fundamental knowledge in accounting. What’s a little less