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

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

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

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 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

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

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

APRIL 26, 2023

Related Courses How to Conduct an Audit Engagement The Interpretation of Financial Statements What is a Certified Financial Statement? A certified financial statement is an income statement , balance sheet , and/or statement of cash flows that is issued along with an auditor’s report from a certified public accountant.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

APRIL 24, 2023

Related Courses Business Combinations and Consolidations What is a Combined Financial Statement? A combined financial statement presents the financial results and financial positions of at least two affiliated companies. Thus, consolidated statements are more inclusive than combined statements.

Financial Statements 40

Financial Statements 40

Accounting Tools

APRIL 14, 2023

Related Courses Budgeting Financial Forecasting and Modeling What are Projected Financial Statements? Projected financial statements incorporate current trends and expectations to arrive at a financial picture that management believes it can attain as of a future date.

Financial Statements 40

Financial Statements Budgeting 40

Accounting Tools

MAY 1, 2023

Related Courses The Balance Sheet The Income Statement The Statement of Cash Flows What is a Special-Purpose Financial Statement? A special-purpose financial statement is a financial report that is intended for presentation to a limited group of users.

Financial Statements 40

Financial Statements Financial Reporting Tax 40

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. The materiality concept varies based on the size of the entity. Capitalization limit.

Financial Statements 40

Financial Statements Bookkeeping Auditing Accounting 40

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.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

MAY 13, 2024

It is used when there is not definitive guidance in the accounting standards that govern a specific situation. This can result in material levels of misstatement in a reporting entity’s financial statements. What is an Accounting Convention?

Accounting 75

Accounting Accounting Financial Statements Bookkeeping 75

Accounting Tools

AUGUST 14, 2024

Presentation of a Business Combination When there is a business consolidation, the acquirer thereafter reports consolidated results that combine its own financial statements with those of the acquiree.

Financial Statements 98

Financial Statements CPA Accounting Accounting 98

Accounting Tools

JUNE 22, 2024

Other comprehensive income is designed to give the reader of a company's financial statements a more comprehensive view of the financial status of the entity, though in practice it is possible that it introduces too much complexity to the income statement.

Financial Statements 98

Financial Statements Financial Reporting Tax Accounting 98

Counto

SEPTEMBER 21, 2024

Although it may seem complex, this standardised format ensures efficient and transparent submission of financial statements. Requirement: Must file financial statements in XBRL format. XYZ Pte Ltd is required to file its financial statements in XBRL format to comply with the regulations.

Financial Statements 52

Financial Statements Financial Operations Financial Operations Record Keeping 52

Accounting Tools

AUGUST 29, 2024

This is a key part of the financial statement consolidation process, resulting in a set of financial statements that are presented solely in the parent company’s reporting currency. Remeasure the financial statements of the foreign entity into the reporting currency of the parent company.

Financial Statements 75

Financial Statements Accounting Accounting 75

Accounting Tools

APRIL 26, 2023

A misstatement is the difference between the required amount, classification, presentation, or disclosure of a financial statement line item and what is actually reported in order to achieve a fair presentation, as per the applicable accounting framework.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

NOVEMBER 1, 2023

Expense allocations are required by several accounting frameworks in order to report the full cost of inventory in the financial statements. This approach is required under the Generally Accepted Accounting Principles ( GAAP ) and International Financial Reporting standards ( IFRS ) accounting frameworks.

Financial Statements 75

Financial Statements Cost Accounting Financial Reporting Accounting 75

Accounting Tools

JANUARY 2, 2024

More commonly, accounting reports are considered to be equivalent to the financial statements. These statements include the following reports: Income Statement The income statement states the sales earned during a period, less expenses, to arrive at a profit or loss.

Financial Statements 75

Financial Statements Accounting Accounting Budgeting 75

Accounting Tools

JULY 11, 2024

Presentation of Off Balance Sheet Transactions Though off balance sheet assets and liabilities do not appear on the balance sheet, they may still be noted within the accompanying financial statement footnotes. Related AccountingTools Course The Balance Sheet

Financial Statements 75

Financial Statements Accounting Accounting 75

Accounting Tools

MARCH 19, 2024

An alternative definition of capital stock is that it is comprised of the total number of common shares and preferred shares that are authorized for issuance. What is Capital Stock? Capital stock is comprised of all types of shares issued by a corporation. This amount may be substantially larger than the number of shares actually issued.

Corporate Finance 40

Corporate Finance Financial Statements Accounting Accounting 40

Accounting Tools

AUGUST 7, 2023

A subsequent event is an event that occurs after a reporting period, but before the financial statements for that period have been issued or are available to be issued. Depending on the situation, such events may or may not require disclosure in an organization's financial statements.

Financial Statements 75

Financial Statements Collections Invoicing Accounting 75

Accounting Tools

JUNE 5, 2024

Translation adjustments are those journal entries made during the process of converting an entity’s financial statements from its functional currency into its reporting currency. The adjustments are needed so that the parent can produce consolidated financial statements.

Financial Statements 52

Financial Statements Accounting Accounting 52

Accounting Tools

AUGUST 9, 2024

Intercompany loans are recorded in the financial statements of individual business units, but they are eliminated from the consolidated financial statements of a group of companies of which the business units are a part, using intercompany elimination transactions.

Financial Statements 74

Financial Statements Corporate Finance Tax Auditing 74

Accounting Tools

OCTOBER 22, 2024

As part of their year-end audit procedures , auditors may trace transactions from a subledger to the general ledger and from there to the financial statements , to ensure that transactions are being recorded properly in the accounting system. Ending balance usage. Number of ledgers.

General Ledger 40

General Ledger Financial Statements Reconciling Bookkeeping 40

Accounting Tools

JULY 14, 2023

An adverse opinion is a statement made by an entity’s outside auditor , that the entity’s financial statements do not fairly represent its results, financial position , and cash flows. It may also result in the firing of a firm’s CFO and controller , since they are responsible for the financial statements.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

NOVEMBER 24, 2023

Auditors are particularly watchful for contingent assets that have been recorded in a company's accounting records , and will insist that they be eliminated from the records before issuing an auditor’s opinion on its financial statements. This means that contingent liabilities are more likely to be recorded than contingent assets.

Financial Statements 76

Financial Statements Bookkeeping Accounting Accounting 76

Accounting Tools

JULY 11, 2024

How to Calculate Financial Gearing The calculation used for financial gearing is to add together all forms of debt and then divide by the total amount of equity. The company would most definitely be considered highly geared. The company currently has $2,000,000 of equity, so there is now a 5x ratio of debt to equity.

Corporate Finance 40

Corporate Finance Financial Statements Financial Analysis 40

Accounting Tools

APRIL 14, 2023

Adherence to a reasonable level of understandability would prevent an organization from deliberately obfuscating financial information in order to mislead users of its financial statements. The reader should be able to easily locate cross-referenced information within the financial statements.

Financial Statements 75

Financial Statements Bookkeeping Accounting Accounting 75

Accounting Tools

JULY 16, 2024

Financial statements. The financial statements produced by a nonprofit entity differ in several respects from those issued by a for-profit entity. For example, the statement of activities replaces the income statement , while the statement of financial position replaces the balance sheet.

Accounting 75

Accounting Accounting Financial Statements Budgeting 75

Accounting Tools

AUGUST 9, 2024

If a business only issues financial statements on an annual basis, then the calculation of the inventory change will span a one-year time period. More commonly, the inventory change is calculated over only one month or a quarter, which is indicative of the more normal frequency with which financial statements are issued.

Financial Statements 74

Financial Statements Budgeting Billing Auditing 74

Accounting Tools

MAY 24, 2023

By using a soft close, the accounting department can issue financial statements very quickly and then return to its normal day-to-day activities. The reduced accuracy level makes the soft close impractical for reviewed or audited financial statements that are read by outsiders.

Accruals 75

Accruals Financial Statements Account Reconciliation Auditing 75

Accounting Tools

OCTOBER 23, 2023

Financial Statements The bookkeeper may prepare preliminary financial statements , but may rely upon an accountant to produce the final statements. The bookkeeper also prepares paychecks for employees, and remits payroll taxes to the government.

Bookkeeping 75

Bookkeeping Financial Statements Payroll Deposits 75