Archivos de Categoría: Bookkeeping

Revenue Definition, Formula, Example, Role in Financial Statements

How you track your money isn’t as important as how much you are tracking. Focus on ensuring that every cent is accounted for by dividing your expenses into categories. Talk to your financially savvy friends and get real-world tips and advice from people who are doing well with their money. If you can, though, keep […]

Xero Accounting Software Review: Is Xero Worth it for the Price?

Content Xero review 2023: Is Xero accounts software any good? Mobile App Xero Accounting Software Review excellent support One organization per account Run payroll on any device with taxes, compliance & reporting built-in. Xero has been nicely put together and if, for example, you choose to try out their demo site, which can be found […]

Understanding Matching Principle in Accounting With Example

For example, if the office costs $10 million and is expected to last 10 years, the company would allocate $1 million of straight-line depreciation expense per year for 10 years. The expense will continue regardless of whether revenues are generated or not. In February 2019, when the bonus is paid out there is no impact […]

I Bought a Taxable Item and the Seller Didnt Charge Sales Tax Do I Have to Pay the Tax Anyway?

If a business in your state gives you a sales tax exemption certificate when buying products for resale, you must honor it. Keep a copy of the certificate and check your state’s laws on how to deal with these certificates. In Colorado, you can reduce the gross sales price of new equipment by the […]

Guide to maintenance costs: how to calculate and how to reduce them Infraspeak Blog

Repairs and maintenance are expenses a business incurs to restore an asset to a previous operating condition or to keep an asset in its current operating condition. This type of expenditure, regardless of cost, should be expensed and should not be capitalized. By performing maintenance work you are not losing money, you are investing […]

Financial Accounting for Local and State School Systems: 2014 Edition Chapter 5: Financial Reporting Fund Balance Net Assets

Content unrestricted net assets definition Restricted Net Assets Example with Assets Other Than Cash Permanently restricted net assets What Is The Difference Between Unrestricted Net Assets And Restricted Net Assets? Permanently Restricted Assets at the Mayo Clinic Everything You Need To Master Financial Statement Modeling This agility allows organizations to stay competitive, increase their impact, […]

Free CPA Questions: CPA Exam Practice Exams 2,710+ Questions

The FAR section is said to be the most difficult of all four sections of the CPA exam. You’ll receive a score for each section of the CPA Exam that you take. Also, the adaptive learning environment allows you to apply your CPA Exam knowledge efficiently. Over time, you should see your weak areas improve […]

10-K: Definition, What’s Included, Instructions, and Where to Find it

We’re committed to protecting your personal data with leading edge information privacy and security programs to ensure your data is secure. We’ll give you ongoing visibility into any information we collect and the ability to easily update your preferences at any time. The IRS requires us to collect a Tax Identification Number (TIN) for each […]

How to Account for Gain and Loss Contingencies

Content Access Exclusive Templates Search within this section contingent gain definition How to Account for Gain and Loss Contingencies On the Radar: Contingencies, loss recoveries, and guarantees Treatment of Commitments and Contingencies as per GAAP What are Commitments and Contingencies? However, the disclosure should not make any potentially misleading statements about the likelihood of realization […]

Get ready to file in 2024: Whats new and what to consider Internal Revenue Service

The rate you charge your customer depends on the type of transaction involved. Whether you’re shipping a product, providing labor and services, or renting or leasing tangible personal property, all determine the rate of sales tax to charge. This sales tax calculator together with the rates might came in handy either when trying to add […]

NY Restaurant CPA Restaurant Accounting Services In New York

You may be ready to be your own boss, work virtually,  make your own hours, and build your own accounting software program. One significant decision startups face is whether to hire in-house accountants or outsource the function to an independent accounting firm. While the cash basis is generally easier to employ, the accrual method is […]

Education Expense Credit

Content What should college students know about Form 1098-T? What education expenses are tax-deductible? Which college expenses are tax deductible? What qualifies as Educational Expenses Education Savings Bond Program What counts as qualified education expenses for college tax breaks? If your institution charges health insurance as part of a comprehensive tuition fee (or the fee […]

Accrual Accounting vs Cash Basis Accounting: What’s the Difference?

An expense is the outflow or using up of assets in the generation of revenue. There are several key differences between cash accounting and accrual accounting. Cash accounting does not show an accurate picture of how a business is doing. Accrual accounting allows businesses to see how their current performance compares to their past performance. […]

Total Asset Turnover Calculator with Formula

Your asset turnover ratio should take into account how your industry performs. In that case, you should compare your asset turnover ratio only with other companies doing the same thing. One of the best ways to improve your asset turnover ratio is to focus on increasing your revenue. While the asset turnover ratio considers average […]