Accounting Today

DECEMBER 11, 2023

Not everyone agrees on a single definition, so Accounting Today asked a number of experts to share their idea of what, exactly, artificial intelligence is.

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Accounting Fun

NOVEMBER 1, 2024

Perhaps the original here was the T-shirt that offered a definition of an accountant: "Someone who does precision guesswork, based on unreliable data, provided by those of questionable knowledge - See also wizard, magician" If you know me, you'll know why this has always appealed. Then we’re rockstars!" "My The formula didn’t add up."

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Accounting Tools

AUGUST 14, 2024

How to Account for Fair Value Fair value accounting uses current market values as the basis for recognizing certain assets and liabilities. This definition includes the concepts noted below: Current market conditions. The characteristics of the three levels are noted below.

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Accounting Tools

OCTOBER 28, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is a Valuation Account? A valuation account is paired with an asset account or liability account , and offsets the value of the assets or liabilities in the paired account. Valuation accounts are only used in accrual basis accounting.

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FinOps Foundation

JANUARY 24, 2024

The changes start with an update to the definition of FinOps itself. Evolving the FinOps definition as the industry advances Over the last five years FinOps has been described as an operating model, a discipline, a practice (or all three!). If this sounds familiar to definitions you’ve heard before, it should be.

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FinOps Foundation

JANUARY 24, 2024

The changes start with an update to the definition of FinOps itself. Evolving the FinOps definition as the industry advances Over the last five years FinOps has been described as an operating model, a discipline, a practice (or all three!). If this sounds familiar to definitions you’ve heard before, it should be.

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FinOps FinOps Cloud FinOps Computation 130

Accounting Tools

JULY 17, 2024

If it is not possible to do so, then account for the property as an investment only if the portion held for other uses is an insignificant amount of the total asset value. If a lessee classifies such a property as an investment property, then it must account for all of its investment property using the fair value model.

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Accounting 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.

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Accounting Accounting Financial Statements Budgeting 75

Insightful Accountant

SEPTEMBER 3, 2024

Accounting is evolving along with the rest of the world, and it's definitely one of those industries that will keep expanding. However, there are certain trends you should pay attention to if you want to succeed more quickly.

CPA 52

CPA Accounting Accounting 52

Accounting Tools

JULY 16, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Double Entry Accounting? Double entry accounting is a record keeping system under which every transaction is recorded in at least two accounts. Their definitions are noted below.

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Accounting Today

NOVEMBER 1, 2023

A new proposal would create new definitions of digital goods for state taxation.

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Accounting Tools

MAY 10, 2024

What are Asset Accounts? Asset accounts store monetary information about a company’s resources. Assets can be subdivided into many accounts , depending on their nature and assumed holding periods. The ending balances in these accounts roll forward into the beginning balances for the following year. Bank deposits.

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Accounting Tools

MAY 4, 2023

Related Courses Fraud Examination Fraud Schemes How to Audit for Fraud What is Creative Accounting? Creative accounting involves the use of unorthodox techniques to adjust the reported profit level or financial position of a business. Types of Creative Accounting There are many creative accounting techniques.

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Accounting Tools

AUGUST 4, 2023

What is an Expense Account? Expense accounts store information about different types of expenditures in an organization’s accounting records. The phrase most commonly refers to travel and entertainment expenses, and also applies to a type of account. Both definitions are noted below.

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Accounting Tools

OCTOBER 18, 2024

What is Accounting Profit? Accounting profit is the profit of a business that includes all revenue and expense items mandated under an accounting framework. Examples of accounting frameworks are Generally Accepted Accounting Principles ( GAAP ) and International Financial Reporting Standards ( IFRS ).

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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.

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Accounting Tools

NOVEMBER 1, 2024

This situation is especially common for a start-up business, where extra expenditures are needed to create products and engage in heavy marketing to establish a presence in the marketplace.

Budgeting 40

Budgeting 40

Accounting Tools

JULY 8, 2023

Related Courses Human Resources Guidebook Optimal Accounting for Payroll Payroll Management What is a W-2 Contractor? An example of an employee is an accounting clerk. Given these two definitions, it appears impossible to be a W-2 contractor, since the Form W-2 applies to employees, not contractors.

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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.

Accruals 75

Accruals Accounting Accounting General Ledger 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.

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Accounting Accounting Billing Computation 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.

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Accounting Accounting Financial Statements QuickBooks 75

Accounting Tools

FEBRUARY 15, 2024

From an accounting perspective, the total cost concept is more applicable to financial reporting, where overhead costs must be assigned to certain assets. The alternative definitions for total cost are noted below. What is Total Cost? Total cost is the total expenditure incurred to produce some type of output.

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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?

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Accounting Tools

AUGUST 29, 2024

The materiality principle states that an accounting standard can be ignored if the net impact of doing so has such a small impact on the financial statements that a user of the statements would not be misled. Terms Similar to Materiality Principle The materiality principle is also known as the materiality concept.

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Accounting Tools

DECEMBER 12, 2023

XBRL Definitions XBRL incorporates a set of definitions, referred to as taxonomies, that summarize the meanings in the terms used in a financial report. These definitions have been developed by regulators and the parties setting accounting standards.

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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.

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Accounts Receivable Accounts Receivable Account Receivables Accounting 75

Future Firm

APRIL 13, 2022

In this article, you’re going to learn about what an accounting workflow is, the purpose your workflows serve in your firm with 9 key workflows that you can optimize in your accounting firms. Accounting Workflow Examples for Firms. By doing so, you’ll ensure a consistent quality services experience across your accounting firm.

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Accounting Accounting Billing Collections 88

Accounting Tools

JUNE 7, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is an Account? An account can have several meanings in the accounting profession. Account Record An account can be the record in a system of accounting in which a business records debits and credits as evidence of accounting transactions.

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General Ledger Accounting Accounting Accruals 75

Accounting Tools

JULY 19, 2023

What is an Accounting Schedule? An accounting schedule is a supporting document that provides additional details or proof for the information stated in a primary document.

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General Ledger Accounting Accounting Financial Records 75

Jetpack Workflow

JUNE 20, 2024

Podcast Summary On this episode of Growing Your Firm, host David Cristello welcomes back Nayo Carter-Gray , owner of 1st Step Accounting. Nayo, an enrolled agent and Advanced Certified QuickBooks Online Pro Advisor, is known for making accounting less taxing.

Tax 59

Tax Accounting Accounting QuickBooks 59

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.

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Accounting Accounting Auditing 75

Accounting Tools

MAY 7, 2024

What is Functional Accounting? Functional accounting is a reporting format for financial results that clusters results based on the functions performed. Thus, functional accounting is a form of responsibility accounting , since the manager of a department is responsible for the expenses charged to his or her department.

Accounting 52

Accounting Accounting Financial Statements 52

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

DECEMBER 23, 2023

An alternative definition is that an expense is the reduction in value of an asset as it is used to generate revenue. Under the accrual basis of accounting , an expense is recorded as noted above, when there is a reduction in the value of an asset, irrespective of any related cash outflow. Debit to expense, credit to accounts payable.

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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. General fund.

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Accounting Accounting Budgeting Auditing 74

Accounting Tools

JULY 11, 2024

What is Branch Accounting? Branch accounting involves separately tracking business transactions for each operating unit of a business. Dependent Branch Accounting In a dependent branch arrangement, an operating entity has a minimal accounting staff, if any. This information is quite useful for evaluating performance.

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Accounting Tools

OCTOBER 8, 2023

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.

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