Long-term assets (or non-current assets), on the other hand, are things you don’t plan to convert to cash within a year. Although balance sheets are important, they do have their limitations, and business owners must be aware of them. It is also helpful to pay attention to the footnotes in the balance sheets to check [...]

It shows the balance between the company’s assets against the sum of its liabilities and shareholders’ equity — what it owns versus what it owes. In short, the balance sheet is a financial statement that provides a snapshot of what a company owns and owes, as well as the amount invested by shareholders. Balance sheets [...]

The purpose of the accounting equation is that it lays the framework for the accounting processes and ensures integrity in financial transaction recording. It plays a crucial role in preparing financial statements that enables analyzing a firm’s financial health while ensuring transparency in accounting processes. Here we see that the sum of liabilities and equity [...]

Some companies will class out their PP&E by the different types of assets, such as Land, Building, and various types of Equipment. The accounting equation is a concise expression of the complex, expanded, and multi-item display of a balance sheet. The major and often largest value assets of most companies are that company’s machinery, buildings, [...]

With the possibility to filter, drill down, and interact with KPIs, this intuitive procurement dashboard offers key information to ensure a healthy supplier relationship. Managers must monitor big amounts of information to ensure that the business is running smoothly. This management dashboard focuses on high-level metrics that shareholders need to look at before investing, such [...]

Here are a few advantages of using an expense management software organized by stakeholders. A while ago, when corporate cards were all the rage, they felt like the ultimate solution to managing business expenses. Only finance teams know the pain of matching credit card statements to bills and then auditing them for compliance. An expense [...]

Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs. 'Study & Exam Prep Pack' is what we call 'Channels' when it is bundled with an eTextbook or bundled with MyLab & Mastering courseware. When purchased on its own, you will see it called Channels, [...]

Written through the eyes of the learner, Governmental and Nonprofit Accounting prepares you for professional government, not-¿for-¿profit accounting practice, and the CPA exam. This comprehensive, up-to-date textbook covers state and local government, federal government, and not-for-profit organization accounting, financial reporting, and auditing, and prepares you well for real-world practice. The 11th Edition emphasizes that what [...]