The measurement point for all situations of contingency other than non-exchange guarantees. It is more likely than not to occur (a likelihood greater than 50%). Loss contingencies are those that…
Whether you are a finance professional, a business owner, or simply curious about how companies account for their common stock, this article will provide you with a comprehensive understanding of…
The unadjusted depreciable basis and depreciation reserve of the GAA are not affected by the disposition of the machines. The depreciation allowance for the GAA in 2024 is $1,920 [($10,000…
A company with a high debt ratio relative to its peers would probably find it expensive to borrow and could find itself in a crunch if circumstances change. Conversely, a debt level…
This rule applies to expenses and income such as salaries, sales, purchases and commissions. A CPA, or “Certified Public Accountant”, is recognized in the accounting field. It is a designation…
Small businesses typically start producing income statements when a bank or investor wants to review the financial performance of their business to see how profitable they are. Finally, using the…
Buyers must record shipping charges as transportation in (or freight in) when the goods were shipped FOB shipping point and they have received title to the merchandise. Buyers must record…
If you’re interested in an analytical, business-minded career, becoming a bookkeeper (especially a virtual bookkeeper) might be the right choice. And with no requirements for special certification and education, there…
This cash replacement brings the total amount of cash in the fund back up to the originally authorized amount of cash. Petty cash or a petty cash fund is a…
The further back your records go, the more confidently these people can give you money, so it’s a good idea to start bookkeeping as early as possible. And many of…