The balance sheet, income statement, and cash flow statement are foundational ... reliability—when companies utilize the equity method for accounting in situations where they appear to control ...

Balance Sheet Definition: A financial statement that lists the assets, liabilities and equity of a company at a specific point in time and is used to calculate the net worth of a business. A basic ...

How to calculate an inventory item on the balance sheet using First In, First Out (FIFO) and Last In, First Out (LIFO)—and consider the results of each inventory accounting method.

The cash method may be appropriate for a small, cash-based business or a small service company. You should consult your accountant when deciding on an accounting method. More from Accounting ...