Bookkeeping

Companies can also be mindful of net profit by considering taxes and interest. To avoid interest expense, companies may need to raise capital by offering equity, though this may detract from retained earnings in the long run if investors demand dividends. To avoid taxes, companies must deploy considerate planning and implement legal avoidance strategies. If […]

Now that the post closing trial balance is prepared and checked for errors, Paul can start recording any necessary reversing entries before the start of the next accounting period. Looking at the income statement columns, we see that all revenue and expense accounts are listed in either the debit or credit column. This is a reminder that

Once the cheque is cashed, the custodian again has cash at the original amount of $100. Since the amount of expenses claimed is capped to a small amount, most employees are generally allowed to use petty cash. In larger corporations, the manager provides the first level of approval before funds are available. If they’re ill

CPAs are involved with accounting tasks such as producing reports that accurately reflect the business dealings of the companies and individuals for which they work. They are also involved in tax reporting and filing for both individuals and businesses. A CPA can help people and companies choose the best course of action in terms of

To make the mark-to-market election for 2023, you must have filed an election statement no later than the due date for your 2022 return (without regard to extensions). The statement must be attached to that return or with a properly filed request for extension of time to file that 2022 return (Form 4868, Best Law

The basic principles of accounting are not just any arbitrary principles that differ from accountant to accountant. Instead, the field of accounting is governed by a series of principles or rules as defined by the Financial Accounting Standards Board (FASB). There are nine required certificate courses which are 4.0 quarter units each. Financial statement analysis

Assets have gone up by $2,000 while the liability side of the equation has also increased by the same amount to reflect the source of this increase in the company’s assets. By following these five steps, you can effectively analyze and record accounting transactions, maintaining accurate financial records for your business. The first step is