Business Taxes

What is a Fiscal Year?
Answer:
A fiscal year is an annual accounting period. In many areas, the law requires that an annual accounting report every twelve months. However, the twelve month period does not have to be a calendar year.
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What is a Financial Statement?
Answer:
Financial statements are written, or computerized, documents that provide a summary of a company’s profit or loss during a given period of time. Four basic types of financial statements include balance sheets, cash-flow statements, statements of retained earnings, and income statements.
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What is an Intangible Asset?
Answer:
An intangible asset is an item of value that can’t be physically touched. Corporate intellectual property such as brand names, trademarks, trade secrets, copyrights, and patents are all considered to be common intangible assets.
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What is a Ledger?
Answer:
Ledger is short for “general ledger” – and refers to the “books” in businesses where all accounting transactions are recorded. A double entry system is utilized where debit entries are posted on the left and credit entries are posted on the right. In addition, another column on the far right is where the running total is posted.
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What is a Cash Flow Statement?
Answer:
A cash flow statement is a financial statement  which reflects a company’s cash flow during a specified time period. CFS is an abbreviation used for cash flow statement.
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