There are several different types of real estate ownership. In real estate law, it’s important to know ownership interest that property owners have. It’s especially…
If you own shares of a company, you may be wondering if you would get paid if the company went bankrupt tomorrow. Who determines what…
What Are Interim Financial Statements? Interim financial statements are financial statements covering a period less than one year. They are usually prepared on a year-to-date…
A standby letter of credit (SBLC) is a legal instrument issued by a bank. It represents the bank’s guarantee to make payment to the seller…
Billings in excess of costs is caused by businesses, primarily contractors, billing customers in advance before revenue is actually recognized. In construction, billings in excess…
When a business borrows money, it typically goes to a bank to receive a loan. A business loan is often secured by collateral such as…
Extraordinary gains or losses are infrequent or rare business transactions that don’t reflect the normal day-to-day operations. On an income statement, extraordinary events arise that…
When we open up the financial statements and look into the balance sheet of an entity, we will notice that there are usually five major…