Accounting Tools

MAY 9, 2024

What are the Elements of Financial Statements? The elements of financial statements are the general groupings of line items contained within the statements. Examples of the Elements of Financial Statements The main elements of financial statements are as follows: Assets. Liabilities.

Financial Statements 73

Financial Statements Accounts Payable Accounts Payable Accounts Receivable 73

Accounting Tools

JULY 8, 2024

What is the Purpose of Financial Statements? The general purpose of the financial statements is to provide information about the results of operations, financial position , and cash flows of an organization. At a more refined level, there is a different purpose associated with each of the financial statements.

Financial Statements 76

Financial Statements Financial Reporting Bookkeeping Tax 76

Accounting Tools

OCTOBER 9, 2023

Related Courses Closing the Books The Soft Close The Year-End Close How to Prepare Financial Statements The preparation of financial statements involves the process of aggregating accounting information into a standardized set of financials. Accrue the expense for any invoices that have not been received.

Financial Statements 75

Financial Statements General Ledger Bank Reconciliation Invoicing 75

Accounting Tools

AUGUST 1, 2023

Related Courses How to Conduct an Audit Engagement How to Conduct a Compilation Engagement How to Conduct a Review Engagement What are Financial Statement Assertions? Financial statement assertions are claims made by an organization's management regarding its financial statements.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

OCTOBER 25, 2023

Related Courses The Income Statement Public Company Accounting and Finance What are Interim Financial Statements? Interim financial statements are financial statements that cover a period of less than one year. The interim statement concept can apply to any period, such as the last five months.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

OCTOBER 8, 2023

Related Courses Auditing Nonprofit Entities Nonprofit Accounting What are the Key Financial Statements for a Nonprofit? A nonprofit entity issues a somewhat different set of financial statements than the statements produced by a for-profit entity. One of the statements is entirely unique to nonprofits.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

JUNE 9, 2024

What are General Purpose Financial Statements? General purpose financial statements are those financial statements released to a broad group of users. These statements include the following: Income statement. Who Receives General Purpose Financial Statements?

Financial Statements 52

Financial Statements Expense Reports Auditing Financial Reporting 52

Accounting Tools

OCTOBER 22, 2023

Related Courses The Balance Sheet The Income Statement The Statement of Cash Flows The following are all qualitative characteristics of financial statements. Understandability The information must be readily understandable to users of the financial statements.

Financial Statements 75

Financial Statements Accounting Accounting 75

Accounting Tools

JUNE 14, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Statement Review? A review does not require the accountant to obtain an understanding of internal control , or to assess fraud risk , or other types of audit procedures.

Financial Statements 75

Financial Statements Auditing Accruals Financial Reporting 75

Accounting Tools

JUNE 14, 2023

Related Courses The Balance Sheet The Income Statement The Statement of Cash Flows What are the Types of Financial Statements? Financial statements provide a picture of the performance, financial position, and cash flows of a business.

Financial Statements 75

Financial Statements Budgeting Auditing Accounting 75

Accounting Tools

JUNE 12, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Statement Audit? A financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

Accounting Tools

JULY 14, 2024

What is a Financial Statement Compilation? A financial statement compilation is a service to assist the management of a business in presenting its financial statements. When completed, the accountant provides a written report that should accompany the compiled financial statements.

Financial Statements 40

Financial Statements Auditing Financial Reporting Accounting 40

Accounting Tools

DECEMBER 25, 2023

Where Dividends Appear in Financial Statements There are four components of the financial statements. Simply reserving cash for a future dividend payment has no net impact on the financial statements. This is included in the cash flow from financing activities section of the report.

Financial Statements 75

Financial Statements Bookkeeping Accounting Accounting 75

Accounting Tools

JULY 24, 2023

Related Courses The Balance Sheet The Income Statement The Statement of Cash Flows The key components of the financial statements are the income statement , balance sheet , and statement of cash flows. The key points favoring each of these financial statements as being the most important are noted below.

Financial Statements 75

Financial Statements Accruals Auditing Accounting 75

Accounting Tools

MARCH 8, 2024

What are Condensed Financial Statements? Condensed financial statements are a highly aggregated version of the financial statements , where most of the line items are summarized into just a few lines. This is because there are few line items that can be included in a ratio analysis.

Financial Statements 40

Financial Statements Financial Analysis 40

Accounting Tools

DECEMBER 19, 2023

What are Financial Statement Footnotes? Financial statement footnotes are explanatory and supplemental notes that accompany a firm’s financial statements. The exact nature of these footnotes varies, depending upon the accounting framework used to construct the financial statements (such as GAAP or IFRS ).

Financial Statements 40

Financial Statements Reconciling Auditing Accounting 40

Accounting Tools

SEPTEMBER 24, 2023

Related Courses How to Conduct an Audit Engagement The Balance Sheet The Income Statement The Statement of Cash Flows What are Audited Financial Statements? Audited financial statements are the financial statements of an organization that have been examined by a certified public accountant (CPA).

Financial Statements 40

Financial Statements Auditing CPA Financial Reporting 40

Accounting Tools

OCTOBER 19, 2023

What are Unaudited Financial Statements? An unaudited statement is a financial statement that has been prepared by an auditor , but for which a standard set of audit procedures have not been performed. In addition, the statement must be labeled as unaudited.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

MARCH 19, 2024

What is a Common Size Financial Statement? A common size financial statement shows each line item on a financial statement as a percentage of a base figure. Most commonly, this means that each revenue , expense , and profit line item on the income statement is presented as a percentage of net sales.

Financial Statements 40

Financial Statements 40

Accounting Tools

SEPTEMBER 11, 2023

Related Courses Business Ratios Guidebook Financial Analysis Education Bundle The Interpretation of Financial Statements What is Financial Statement Analysis? Financial statement analysis involves gaining an understanding of an organization's financial situation by reviewing its financial reports.

Financial Statements 40

Financial Statements Financial Analysis Accounts Receivable Accounts Receivable 40

Accounting Tools

JULY 17, 2023

Related Courses Business Combinations and Consolidations What are Group Financial Statements? Group financial statements are financial statements that include the financial information for more than one component.

Financial Statements 40

Financial Statements Accounting Accounting 40

Accounting Tools

OCTOBER 7, 2023

Related Courses Business Combinations and Consolidations Closing the Books The Interpretation of Financial Statements What are Consolidated Financial Statements? Consolidated financial statements are the financial statements of a group of entities that are presented as being those of a single economic entity.

Financial Statements 40

Financial Statements Accounting Accounting 40

Counto

JANUARY 11, 2024

Guide to Filing Financial Statements for Business Owners in Singapore Filing financial statements is a crucial annual requirement for businesses in Singapore. What Do Company Financial Statements Comprise? What Types of Businesses Are Exempt from Filing Financial Statements?

Financial Statements 52

Financial Statements AR Corporation Tax Tax 52

Accounting Tools

AUGUST 3, 2023

Related Courses The Balance Sheet The Income Statement The Statement of Cash Flows What is the Relationship Between Financial Statements? The financial statements are comprised of the income statement , balance sheet , and statement of cash flows.

Financial Statements 40

Financial Statements 40

Accounting Tools

JULY 21, 2024

What is Intercompany Accounting? Intercompany accounting is a set of procedures used by a parent company to eliminate transactions occurring between its subsidiaries. In short, consolidated financial statements must show results and a financial position as though the intercompany transactions had never happened.

Financial Statements 75

Financial Statements Accounting Accounting Financial Reporting 75

Accounting Tools

JULY 8, 2024

They may be charged to a single payroll taxes account, or charged to a payroll taxes account within each department. An example of the presentation of payroll taxes in an income statement appears in the following exhibit. Related Articles Employer Payroll Taxes How to Calculate Payroll Tax Liabilities

Payroll 52

Payroll Financial Statements Tax Auditing 52

Accounting Tools

JANUARY 2, 2024

What are Accounting Reports? Accounting reports are compilations of financial information that are derived from the accounting records of a business. More commonly, accounting reports are considered to be equivalent to the financial statements. Why are Accounting Reports Important?

Financial Statements 75

Financial Statements Accounting Accounting Budgeting 75

Accounting Tools

JULY 16, 2024

What is Nonprofit Accounting? Nonprofit accounting refers to the unique system of recordation and reporting that is applied to the business transactions engaged in by a nonprofit organization. Nonprofit accounting employs the following concepts that differ from the accounting by a for-profit entity: Net assets.

Accounting 75

Accounting Accounting Financial Statements Budgeting 75

Accounting Tools

JULY 24, 2023

Related Courses Business Combinations and Consolidations CPA Firm Mergers and Acquisitions Mergers and Acquisitions How to Account for a Consolidation Consolidation accounting is the process of combining the financial results of several subsidiary companies into the combined financial results of the parent company.

Financial Statements 75

Financial Statements Accounting Accounting Payroll 75

Accounting Tools

JULY 26, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What are the Basic Accounting Concepts? There are a number of conceptual issues that one must understand in order to develop a firm foundation of how accounting works. These basic accounting concepts are noted below.

Financial Statements 76

Financial Statements Accruals Accounting Accounting 76

Accounting Tools

OCTOBER 21, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook What is an Accounting Period? An accounting period is the span of time covered by a set of financial statements. This period defines the time range over which business transactions are accumulated into financial statements.

Financial Statements 75

Financial Statements Accounting Accounting Financial Reporting 75

Accounting Tools

JUNE 11, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook New Controller Guidebook What is the Purpose of Accounting? The purpose of accounting is to accumulate and report on financial information about the performance, financial position , and cash flows of a business.

Financial Statements 75

Financial Statements Accounting Accounting Financial Reporting 75

Accounting Tools

MARCH 1, 2024

What is Tax Accounting? Tax accounting refers to the rules used to generate tax assets and liabilities in the accounting records of a business or individual. Tax accounting is derived from the Internal Revenue Code (IRC), rather than one of the accounting frameworks , such as GAAP or IFRS.

Tax 75

Tax Accounting Accounting Financial Statements 75

Accounting Tools

DECEMBER 19, 2023

Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. It provides feedback to management regarding the financial results and status of an organization. The key accountancy tasks are noted below.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

MAY 13, 2024

What is an Accounting Convention? An accounting convention is a common practice used as a guideline when recording a business transaction. It is used when there is not definitive guidance in the accounting standards that govern a specific situation.

Accounting 75

Accounting Accounting Financial Statements Bookkeeping 75

Accounting Tools

DECEMBER 13, 2023

What is Accounting Practice? Accounting practice is the system of procedures and controls that an accounting department uses to create and record business transactions. Auditors rely upon consistent accounting practice when examining a company's financial statements.

Accounting 75

Accounting Accounting Financial Statements QuickBooks 75

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook An accountant is a person who records business transactions on behalf of an organization, reports on company performance to management, and issues financial statements. Management reports are issued to the management team.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75