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2. What are assets, liabilities and equity? - AOL

   www.aol.com/finance/assets-liabilities-equity...

   Assets represent the resources your business owns and that help generate revenue. Liabilities are considered the debt or financial obligations owed to other parties. Equity is the owner’s ...

3. Basis of accounting - Wikipedia

   en.wikipedia.org/wiki/Basis_of_accounting

   For financial accounting purposes, accrual accounting generally follows the principle that revenue cannot be recognized until it is earned, even if payment has been received in advance. [7] The specifics of accrual accounting can vary across jurisdictions, though the overarching principle of recognizing revenue and expenses when they are earned ...

4. Generally Accepted Accounting Principles (United States)

   en.wikipedia.org/wiki/Generally_Accepted...

   Revenue recognition principle: holds that companies should record revenue when earned but not when received. The flow of cash does not have any bearing on the recognition of revenue. This is the essence of accrual basis accounting. Conversely, however, losses must be recognized when their occurrence becomes probable, whether or not it has ...

5. Revenue recognition - Wikipedia

   en.wikipedia.org/wiki/Revenue_recognition

   The method used for determining revenue of a long-term contract can be complex. Usually two methods are employed to calculate the percentage of completion: (i) by calculating the percentage of accumulated cost incurred to the total budgeted cost; (ii) by determining the percentage of deliverable completed as a percentage of total deliverable.

6. Financial accounting - Wikipedia

   en.wikipedia.org/wiki/Financial_accounting

   Investee companies - expected to be held less than one financial period; prepaid expenses - expenses paid for in advance for use during that year; Non-current assets include fixed or long-term assets and intangible assets: fixed (long term) assets. property; building; equipment (such as factory machinery) intangible assets. copyrights ...

7. Sales (accounting) - Wikipedia

   en.wikipedia.org/wiki/Sales_(accounting)

   Revenue is earned when goods are delivered or services are rendered. [1] The term sales in a marketing, advertising or a general business context often refers to a free in which a buyer has agreed to purchase some products at a set time in the future. From an accounting standpoint, sales do not occur until the product is delivered.