Types of accounting errors and their effect on trial balance are more fully discussed in the section on Suspense Accounts. To prepare a trial balance, you will need the closing…

Accounting departments adhere to specific accounting standards established by groups like the Financial Accounting Standards Board (FASB) in the US. The general accepted accounting principles (GAAP) are a set of…

Gains or losses can also be incurred from foreign currency translation adjustments and in pensions and/or post-retirement benefit plans. Comprehensive income is the variation in the value of a company's…