How to Account For Advance Payments

Cash accounting is an accounting method where payment receipts are recorded during the period in which they are received, and expenses are recorded in the period in which they are actually paid. In other words, revenues and expenses are recorded when cash is received...

Top 5 Reasons for Outsourcing to India

When compared to nearshoring and offshore, onshore outsourcing ensures fewer cultural barriers and ease of communication; yet, it often results in high expenses and a limited pool of talent. By asking all these questions, you can ascertain to find the best IT...

What Is A Liability? Definition And Examples

Companies incur or report expenses in their income statement but are not legally due. So, the business must acknowledge the expense as the profit it receives. These obligations are the result of the accrual method of accounting. According to this method, charges are...