Accounting Tools

APRIL 8, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is the Audit Risk Model? The audit risk model determines the total amount of risk associated with an audit , and describes how this risk can be managed. The nature of the audit procedures conducted.

Auditing 74

Auditing Financial Statements AR Financial Reporting 74

Accounting Tools

MARCH 27, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is Public Accounting? Public accounting refers to a business that provides accounting services to other firms. These services usually fall into one of the classifications noted below.

Financial Statements 75

Financial Statements Accounting Accounting Auditing 75

Accounting Tools

APRIL 6, 2024

What is the Accounts Receivable Aging Report? An accounts receivable aging is a report that lists unpaid customer invoices and unused credit memos by date ranges. How to Use an Accounts Receivable Aging Report There are several uses to which an accounts receivable aging report can be put, as we describe in the following sections.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Accounting 75

Accounting Tools

NOVEMBER 5, 2023

Related Courses How to Audit Receivables How to Conduct an Audit Engagement The Balance Sheet What is an Accounts Receivable Confirmation? The auditor does so with an accounts receivable confirmation. The auditor does so with an accounts receivable confirmation. Related Articles Accounts Receivable Auditing

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Accounting 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

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

DECEMBER 20, 2023

What is an Accounting Entry? An accounting entry is a formal record that documents a transaction. In most cases, an accounting entry is made using the double entry bookkeeping system , which requires one to make both a debit and credit entry, and which eventually leads to the creation of a complete set of financial statements.

Accounting 75

Accounting Accounting Accruals General Ledger 75

Accounting Tools

OCTOBER 8, 2023

Related Courses Fraud Examination Fraud Schemes How to Audit for Fraud What is Fraud? The key element in the preceding definition is intent. A company could make false representations in its financial statements simply because the accounting staff made a mistake in compiling certain financial information.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

NOVEMBER 8, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What is a Disposal Account? A disposal account is a gain or loss account that appears in the income statement , and in which is recorded the difference between the disposal proceeds and the net carrying amount of the fixed asset being disposed of.

Accounting 75

Accounting Accounting Auditing 75

Accounting Tools

JUNE 19, 2024

Related AccountingTools Courses Auditing Nonprofit Entities Nonprofit Accounting Related Articles Program Expenses Supporting Activities Presentation of Fundraising Expenses Fundraising expenses are aggregated into a single line item in the statement of activities, where users can easily access it.

Auditing 97

Auditing Accounting Accounting 97

Accounting Tools

AUGUST 7, 2023

Related Courses Optimal Accounting for Cash How to Audit Cash The Balance Sheet What are Cash and Cash Equivalents? Any items falling within this definition are classified within the current assets category in the balance sheet.

Petty cash 75

Petty cash Billing Auditing Accounting 75

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. For internal financial reporting, an accounting period is generally considered to be one month.

Financial Statements 75

Financial Statements Accounting Accounting Financial Reporting 75

Accounting Tools

NOVEMBER 2, 2023

Related Courses Accounting for Inventory How to Audit Inventory What is Backflush Accounting? Backflush accounting is when you wait until the manufacture of a product has been completed, and then record all of the related issuances of inventory from stock that were required to create the product.

Accounting 75

Accounting Accounting Billing Computation 75

Invoicera

JANUARY 19, 2025

Statistics say that in 2023 alone, the global accounts receivable automation market was valued at $3.81 Managing your business Accounts receivable and payable is tough! One of the core benefits of automating accounts payable and accounts receivable is that it reduces the time spent on reactive tasks and saves time and cost.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables AR 40

Accounting Tools

APRIL 12, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is the Cash Basis of Accounting? The cash basis of accounting is the practice of recording revenue when cash has been received, and recording expenses when cash has been paid out. Audited financial statements. Management reporting.

Accruals 75

Accruals Financial Statements Accounting Accounting 75

Accounting Tools

AUGUST 5, 2023

Related Courses Auditing State and Local Governments Governmental Accounting The Green Book Explained The Yellow Book Explained What is Fund Accounting? Fund accounting is a system of accounting used by non-profit entities to track the amount of cash assigned to different purposes and the usage of that cash.

Accounting 74

Accounting Accounting Budgeting Auditing 74

CSI Accounting & Payroll

JANUARY 17, 2024

No matter how good of a business owner you are, you still worry about being audited by the IRS – and we definitely don’t blame you! With the fear of an audit, you’re also going to have some questions. The owners often ask us: What is the risk of an IRS audit? How many years back can the IRS audit you?

Auditing 52

Auditing Payroll Accounting Accounting 52

Accounting Tools

JULY 24, 2023

Related Courses Capital Budgeting Fixed Asset Accounting How to Audit Fixed Assets What is Capitalize in Accounting? An item is capitalized when it is recorded as an asset , rather than an expense. This means that the expenditure will appear in the balance sheet , rather than the income statement.

Accounting 75

Accounting Accounting Computation Budgeting 75

Accounting Tools

MAY 15, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook What is the Allowance for Doubtful Accounts? The allowance for doubtful accounts is paired with and offsets accounts receivable. Actual results may vary from management’s expectations for accounts receivable collections.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Accounting 75

Accounting Tools

JUNE 17, 2023

Related Courses Bookkeeping Guidebook Effective Collections How to Audit Receivables What is Accounts Receivable? Accounts receivable refers to money due to a seller from buyers who have not yet paid for their purchases. The amounts owed are stated on invoices that are issued to buyers by the seller.

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Accounting 75

Accounting Tools

JULY 6, 2024

Related AccountingTools Courses Capital Budgeting Fixed Asset Accounting How to Audit Fixed Assets Accounting for a Capital Expenditure A capital expenditure is recorded as an asset, rather than charging it immediately to expense. These accounts are generally aggregated into a single Fixed Assets line item in the balance sheet.

Computation 98

Computation Record Keeping Financial Analysis Budgeting 98

Accounting Tools

MAY 2, 2024

What is a Social Audit? A social audit is an examination of the activities of a business that support the public interest. A social audit can also include the environmental impact of a business, such as any negative effects on groundwater pollution or air pollution, or the level of energy use. Enhanced customer loyalty.

Auditing 40

Auditing Accounting Accounting 40

Blake Oliver

JANUARY 10, 2024

This article summarizes Zak’s insights from my recent Earmark Podcast interview to provide accountants and tax professionals with key guidance. How to Qualify as a Professional Gambler There is no black-and-white definition of a professional gambler versus a recreational gambler. It does not account for any losses incurred.

Tax 80

Tax Accounting Accounting Record Keeping 80

Accounting Tools

OCTOBER 19, 2024

Source documents are frequently identified with a unique number, so that they can be differentiated in the accounting system. Source Document Storage Once the information in a source document has been recorded in the accounting system, the source document is indexed for easy access and archived.

Purchase Order 75

Purchase Order Deposits Auditing Expense Reports 75

Accounting Tools

APRIL 29, 2024

What is a Statutory Audit? A statutory audit is an examination of an entity's financial records in accordance with the requirements of a government agency. A number of organizations must undergo statutory audits, including banks, brokerage firms, insurance companies, and municipalities.

Auditing 40

Auditing Financial Statements Financial Records Bookkeeping 40

Accounting Tools

DECEMBER 18, 2023

Substantive testing is an audit procedure that examines the financial statements and supporting documentation to see if they contain errors. If substantive testing turns up errors or misstatements, additional audit testing may be required. What is Substantive Testing? There are many substantive tests that an auditor can use.

Auditing 75

Auditing Financial Statements Accounts Payable Accounts Payable 75

Accounting Tools

JUNE 2, 2024

What is an Audit Specialist? An audit specialist is someone trained extensively to conduct specialized tasks within an audit. These people are typically brought into an audit to deal with specific tasks, after which they move on to other audits.

Auditing 40

Auditing Billing 40

Accounting Tools

AUGUST 29, 2024

A test of controls is an audit procedure to test the effectiveness of a control used by a client to prevent or detect material misstatements. This is one of the more reliable ways to test controls, since the auditor can see how controls work in real time, as the transaction is processed by the client’s accounting system.

Auditing 75

Auditing Accounting Accounting 75

Accounting Tools

AUGUST 1, 2024

What is Contract Auditing? Contract auditing involves an examination of the written arrangements with suppliers. The intent behind a contract audit is to ensure that the amount and quality of goods and services delivered to the customer was correct and that the customer was billed an appropriate amount. Obtain rebates.

Auditing 40

Auditing Billing 40

Accounting Tools

JUNE 5, 2024

What is an Eligibility Audit? An eligibility audit is intended to spot instances in which an employer is paying the benefits for an employee or the employee’s dependents who do not qualify for them. What is Included in an Eligibility Audit? An eligibility audit can encompass the following areas: Dependent eligibility tracking.

Auditing 40

Auditing 40

Accounting Tools

DECEMBER 10, 2023

What is the Accrual Basis of Accounting? The accrual basis of accounting is the concept of recording revenues when earned and expenses as incurred. The accrual basis of accounting is advocated under both generally accepted accounting principles ( GAAP ) and international financial reporting standards ( IFRS ).

Accruals 75

Accruals Accounting Accounting Financial Statements 75

Accounting Tools

JUNE 9, 2024

What is an Audit Report? An audit report is a written opinion of an auditor regarding an entity's financial statements. The report is written in a standard format, as mandated by generally accepted auditing standards ( GAAS ). The different types of audit reports are noted below. The scope of the audit.

Auditing 40

Auditing Financial Statements Financial Records 40

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

JULY 16, 2023

Related Courses Forensic Analytics Guide to Analytical Procedures Guide to Audit Sampling Guide to Data Analytics for Audits How to Conduct an Audit Engagement What are Analytical Procedures? Analytical procedures are a type of evidence used during an audit. This is a form of ratio analysis.

Auditing 75

Auditing Financial Records Accounts Payable Accounts Payable 75

Accounting Tools

AUGUST 2, 2024

What are Audit Working Papers? Audit working papers are used to document the information gathered during an audit. Working papers also provide evidence that an audit was properly planned and supervised. Working papers also provide evidence that an audit was properly planned and supervised.

Auditing 40

Auditing Financial Statements Computation Budgeting 40

Accounting Tools

MAY 21, 2023

Related Courses Ethical Frameworks in Accounting Professional Rules of Conduct What is Confidential Client Information? The AICPA Code of Professional Conduct outlines a number of scenarios involving confidential client information, stating how the accountant should treat this information.

Auditing 75

Auditing Accounting Accounting 75

Accounting Tools

OCTOBER 25, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement What is Attribute Sampling? The functionality of controls is important for auditors, since it is much more labor-intensive for them to conduct an audit when a client’s controls are unreliable.

Auditing 75

Auditing Invoicing Financial Statements Accounting 75