The balance of money owed to a business for goods or services delivered or used but not yet paid for by clients is known as accounts receivable (AR).

The interest on a loan or other financial obligation that has accrued but has not yet been paid out is referred to as accrued interest.

When valuing a company's inventory, the lower of cost or market (LCM) method states that it is recorded on the balance sheet at either the historical cost or the market value.

There are nine different types of financial institutions. Understand the various types of financial institutions, their functions, and how they contribute to prosperity.

Although no money has yet changed hands, accruals are earnings or expenses incurred that have an impact on a company's net income.

An expense that has not yet been billed or paid is recorded as accrued expense.

Distinguish between depreciation expense (reported on the income statement) and accumulated depreciation (a running total).

An annual report is required by regulators and describes a company's operations and financial condition to stakeholders.