The matching concept, or matching principle, is a fundamental element of accrual-basis accounting. In accrual accounting, a company records revenue in its books as soon as it has done everything ...

Most businesses handle their accounting on an accrual basis. What is accrual basis accounting? It’s the practice of recording transactions at the point of origination, even if no money changes hands ...

A business that uses the accrual basis of accounting recognizes revenue and expenses in the accounting period in which they are earned or incurred, regardless of when payment occurs. This differs from ...

Katrina Ávila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications. Oracle applications ...

Every year, for decades, the City of Chicago claimed to balance its budget as required by state law. Yet the City of Chicago still accumulated many billions of dollars of unfunded but real obligations ...