The accounting equation, also called the basic accounting equation, forms the foundation for all accounting systems. In fact, the entire double entry accounting concept is based on the basic accounting equation. This simple equation illustrates two facts about a company: what it owns and what it owes.
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Accounting Equation
Accounting in general deals with identifying business activities, like sales to customers, recording these activities, like journalizing, and communicating these activities with people outside the organization with financial statements.
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Financial Accounting
All businesses are not created equally. Apple and Google have
massive operations in multiple geographic regions across the world,
while a small manufacturing company might only own a single factory in
Michigan. Should these three companies produce the exact same financial
statements? In this article, we’ll look at how diversified companies are
required to report operating segment results.
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Segment reporting
Owning a share of stock in a company might earn you a few
dollars, but you don’t get to do a whole lot of decision-making as such a
small investor. Corporations, on the other hand, invest in equity
securities on a much larger scale. In this article, we’ll look at three
different methods of accounting for stock investments.
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Equity investment accounting methods
What would happen to a corporation if the long-term CEO were to
die? Some businesses carry life insurance policies for just such an
event because of potential operation disruptions. In this article we’ll
discuss briefly the journal entries for business-owned life insurance
(BOLI) policies.
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Accounting for business-owned life insurance policies
