By the accepted standards of the industry, financial accounting consists of five basic elements. When you prepare financial records, each activity will touch at least one of these elements.

ljubaphoto / Getty Images The main difference between accrual and cash basis accounting lies in the timing of when revenue and expenses are recognized. The cash method provides an immediate ...

David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting ... may expect some regular income in the form of dividends as a reward for putting ...