Businesses make advance payments for a variety of different expenses. Any expense that is paid in advance of actually receiving the benefit of the payment is considered a prepaid expense for ...

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University. As the name implies, a balance sheet should reveal ...

A balance sheet is a financial document that presents the financial status of a business through an accounting of a company’s assets, liabilities, and equity. A balance sheet, when looked at with a ...