Under the accrual basis of accounting, you must record revenues and expenses in the accounting period in which they were earned or incurred, regardless of when payment occurs. An adjusting entry is a ...

Notes payable is accounting-speak for promissory notes, written commitments that say you've borrowed money and have to pay it back. Like other outstanding debts, notes payable affect your bottom line.

Learn about accrued expenses, their role in accrual accounting, and how they affect financial statements with examples, ...

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Yarilet Perez is an experienced ...