These efforts help promote confidence in financial reporting, which is essential for both government entities and businesses alike. There are similarities between GASB and FASB when it comes to reporting financial statements. Both entities require a statement of activities, which reports all inflows and outflows of an entity, and a statement of cash flow, which […]
Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals. Those baby steps can help you manage your organisation on a new and improved bookkeeping system. Small steps also give everyone time to familiarise themselves with the new bookkeeping software. Now that you’ve […]
Exception 3—Less than 25% of time on personal activities. “Related to your employer” is defined later in chapter 6 under Per Diem and Car Allowances. Travel by private car in the United States is travel between points in the United States, even though you are on your way to a destination outside the United States. […]
Features include mileage tracking, basic reporting, income and expense tracking, capture and organize receipts and estimation of quarterly taxes. For $1,922 per year, get the Enterprise plan with advanced pricing, reporting and inventory. The higher your plan tier, the more reports and users you can add, although it’s important to understand concurrent users are each […]
This account includes the amortized amount of any bonds the company has issued. Property, Plant, and Equipment (also known as PP&E) capture the company’s tangible fixed assets. Some companies will class out their PP&E by the different types of assets, such as Land, Building, and various types of Equipment. Accounts receivable list the amounts of money […]
Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career. Discover what an LLC invoice is for and how to create one […]
Remember that a company must present an income statement, balance sheet, statement of retained earnings, and statement of cash flows. However, it is also necessary to present additional information about changes in other equity accounts. This may be done by notes to the financial statements or other separate schedules. Capital Invested It can be found […]
The numerator (top number) of the fraction is the number of months in the short tax year and the denominator (bottom number) is 12. For example, a corporation placed in service in June 1986 an item after-tax salvage value formula of 3-year property with an unadjusted basis of $10,000. The corporation files a tax return, […]