Accounting Today

NOVEMBER 24, 2023

The service is conducting a random survey of practitioners Nov. 27-Jan. 19.

Tax 338

Tax 338

Accounting Tools

NOVEMBER 24, 2023

What is a Contingent Asset? A contingent asset is a possible asset that may arise because of a gain that is contingent on future events that are not under an entity's control. 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.

Financial Statements 76

Financial Statements Bookkeeping Accounting Accounting 76

Accounting Today

NOVEMBER 24, 2023

How finance and accounting teams start 2024 will set the stage for defining the rest of the year and positioning for sustained success.

Accounting 277

Accounting Accounting Computation 277

Accounting Tools

NOVEMBER 24, 2023

What is a Controllable Variance? A controllable variance refers to the "rate" portion of a variance. A variance is comprised of two elements, which are the volume variance and the rate variance. The volume element is that portion of the variance attributable to changes in sales volume or unit usage from a standard or budgeted amount, while the rate element is the difference between the actual price paid and a standard or budgeted price.

Budgeting 75

Budgeting Cost Accounting Accounting Accounting 75

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Accounting

Accounting Today

NOVEMBER 24, 2023

Financial restatements, which have generally been on a downward trend since 2003, spiked in 2021.

Auditing 254

Auditing 254

Accounting Tools

NOVEMBER 24, 2023

What are Quality Costs? Quality costs are the costs associated with preventing, detecting, and remediating product issues related to quality. Quality costs do not involve simply upgrading the perceived value of a product to a higher standard. Instead, quality involves creating and delivering a product that meets the expectations of a customer. Thus, if a customer spends very little for an automobile, he will not expect leather seats and air conditioning - but he will expect the vehicle to run pr

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Accounting Tools

NOVEMBER 24, 2023

What is a Noncash Expense? A noncash expense is an expense for which there is no related cash outflow in the same period. In addition, an accrued expense may be recorded for which the related cash expenditure is in the following period. Examples of Noncash Expenses The most common examples of noncash expenses are depreciation and amortization ; for these items, the cash outflow occurred when a tangible asset or intangible asset was initially acquired, while the related expenses are recognized mo

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Dext

NOVEMBER 24, 2023

About Iron Lake Balls Founded in 2022, Iron Lake Balls LTD is a sports eCommerce business that visits golf courses to recover balls for recycling. On top of tracking down rogue golf balls, the business also has a washing facility where the team refurbishes them so they’re like new.

Accounting 59

Accounting Accounting 59

Accounting Tools

NOVEMBER 24, 2023

What is a Short Term Asset? A short term asset is an asset that is to be sold, converted to cash , or liquidated to pay for liabilities within one year. In the rare cases where the operating cycle of a business is longer than one year (such as in the lumber industry), the applicable period is the operating cycle of the business, rather than one year.

Accounts Receivable 72

Accounts Receivable Account Receivables Accounts Receivable Accounting 72

Ace Cloud Hosting

NOVEMBER 24, 2023

Tax season is the busiest time for tax preparers, and the amount of work can be overwhelming.

Tax 59

Tax 59

Speaker: Jennifer Hill

Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.

Payroll

Billing Platform

NOVEMBER 24, 2023

The subscription economy is certainly a hot topic. But, what does the subscription economy really mean? What are its advantages and disadvantages, how do you win in this economy, and what does the future hold for this business model? First let’s look back, the subscription business model itself has been around since the 17th century. As the world evolved and technology advanced, so did the appeal of anything-as-a-service (XaaS).

Billing 52

Billing Budgeting Invoicing Collections 52

Accounting Fun

NOVEMBER 24, 2023

After an exhaustive review of the research literature, here's the final word on nutrition and health as it affects accountants (and everyone else): 1. Japanese accountants eat very little fat and suffer fewer heart attacks than us. 2. Mexican accountants eat a lot of fat and suffer fewer heart attacks than us. 3. Chinese accountants drink very little red wine and suffer fewer heart attacks than us. 4.

Accounting 49

Accounting Accounting 49

Accounting Tools

NOVEMBER 24, 2023

What is SWOT Analysis? SWOT analysis is an acronym for the Strengths, Weaknesses, Opportunities and Threats associated with a business. A SWOT analysis is used as part of the strategy formulation process. It can be used to see if there are strengths that a business can build upon to improve its competitive position, weaknesses to be minimized, opportunities to pursue, and threats to be guarded against.

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Accounting Tools

NOVEMBER 24, 2023

What is Synthetic-FOB Destination? Synthetic FOB-destination describes a situation in which a seller ships using freight on board shipping point terms , while also promising that all goods lost or damaged in transit will be replaced. This means that the seller is effectively retaining the responsibilities of ownership until the goods reach the customer.

Accounting 40

Accounting Accounting 40

Speaker: Sierre Lindgren

Fraud is a battle that every organization must face – it’s no longer a question of “if” but “when.” Every organization is a potential target for fraud, and the finance department is often the bullseye. From cleverly disguised emails to fraudulent payment requests, the tactics of cybercriminals are advancing rapidly. Drawing insights from real-world cases and industry expertise, we’ll explore the vulnerabilities in your processes and how to fortify them effectively.

Accounting Tools

NOVEMBER 24, 2023

What is a Negative Confirmation? A negative confirmation is a document issued by an auditor to the customers of a client company. The letter asks the customers to respond to the auditor only if they find a discrepancy between their records and the information about the client company's financial records that are supplied by the auditor. Example of a Negative Confirmation For example, a confirmation letter tells a customer that the client company's records at year-end show an ending accounts rece

Auditing 40

Auditing Accounts Receivable Account Receivables Accounts Receivable 40

Accounting Tools

NOVEMBER 24, 2023

What are the Criteria for Recognizing Revenue? Revenue recognition criteria must be met in order to recognize the revenue associated with a sale transaction. Otherwise, recognition must be deferred until a later period when the criteria can be met. The following criteria have been developed by the Securities and Exchange Commission (SEC). Though these rules only apply to a publicly-held company, it would be prudent for a privately-held business to also be in compliance.

Collections 40

Collections Billing Bookkeeping Auditing 40