Bookkeeping

It is that portion of expenditure that is written off in a financial year. Fixed assets such as plant and machinery, furniture, vehicles, etc. are completely utilized during their lifetime, and their life years are definite say 5 years or 10 years. So, the proportion of fixed assets which is expired during the period, while […]

If you’re a sole proprietor or a single-member LLC, you’ll see an “owner’s equity” or “member’s interest” account listed at the bottom of your balance sheet. This represents the cash or other assets that you have invested in the company. The value of this account is increased by capital contributions, like when you take money out of […]

In the LIFO inventory system, newer items are placed at the front of the shelf and picked first. Arnold points out that there are sometimes good reasons to use a LIFO model for fulfillment. For example, an electronics manufacturer might want customers to get the newest version of a device, even if that means the […]

The operating revenue for an auto manufacturer would be realized through the production and sale of autos. – Today, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) took action against a rental screening subsidiary of the TransUnion conglomerate for violations of the Fair Credit Reporting Act. The TransUnion company failed to take steps […]

It is not an unusual career move for a bookkeeper to gain experience at a job, study, get certified, and work as an accountant. Accountants and bookkeepers work with numbers and financial data all day long. There are critical differences in job growth and salaries between the two. Growth for accountants and auditors is expected […]

Enrolling in one of the best online bookkeeping classes is a smart way for those interested in this career to bolster their existing financial knowledge. With bookkeepers, there are a lot of minutiae involved, and keen attention to detail is paramount. Accountants, on the other hand, tend to use the bookkeeper’s inputs to create financial […]

The purpose for the valuation will determine the standard of value to apply. For example, in a marital dissolution case, some states use a fair market value standard, while others use fair value—a statutory standard that is not determined by the current market. A valuation for U.S. tax purposes, on the other hand, requires application […]

There are separate buckets for accounts that are current, those that are past due less than 30 days, 60 days, and so on. Based on the percentage of accounts that are more than 180 days old, a company can estimate the expected amount of unpaid accounts receivables for future write-offs. The accounts receivable aging reports […]