Tag Archives: general accounting facts

Easiest way to learn Income Statement & Balance Sheet

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SFAS 78 With Summary

SUMMARY OF STATEMENT NO. 78 CLASSIFICATION OF OBLIGATIONS THAT ARE CALLABLE BY THE CREDITOR—AN AMENDMENT OF ARB NO. 43, CHAPTER 3A (ISSUED 12/83) Summary This Statement amends ARB No. 43, Chapter 3A, “Current Assets and Current Liabilities,” to specify the … Continue reading

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Transfer Pricing

What is Transfer Pricing? Transfer pricing is the setting of the price for goods and services sold between controlled (or related) legal entities within an enterprise. For example, if a subsidiary company sells goods to a parent company, the cost of those goods … Continue reading

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Brief Overview of IFRS & How it’s different from US GAAP

“What’s the fuss over IFRS?” providing a brief overview of the transition to adoption of IFRS and convergence with US GAAP. While we realize that IFRS will become a future reality, the question lingered regarding the differences between the two … Continue reading

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Learn and understand how to easily perform a break even analysis

The break-even point (BEP) in economics, business—and specifically cost accounting—is the point at which total cost and total revenue are equal. There is no net loss or gain, and one has “broken even,” though opportunity costs have been paid and … Continue reading

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Introduction to the Accounting Equation

From the large, multi-national corporation down to the corner beauty salon, every business transaction will have an effect on a company’s financial position. The financial position of a company is measured by the following items: Assets (what it owns) Liabilities … Continue reading

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