Accounting Today

OCTOBER 19, 2024

The IRS is reminding tax pros to register for or renew their professional ID number by Dec. 31.

Tax 164

Tax 164

Accounting Tools

OCTOBER 19, 2024

What is a Variable Cost? A variable cost is a cost that changes in relation to variations in an activity. In a business, the "activity" is frequently production volume, with sales volume being another likely triggering event. Thus, the materials used as the components in a product are considered variable costs, because they vary directly with the number of units of product manufactured.

Cost Accounting 76

Cost Accounting Billing Accounting Accounting 76

Blake Oliver

OCTOBER 19, 2024

Is the traditional partnership model holding CPA firms back? Discover how abandoning outdated structures can attract top talent, improve performance metrics, and revolutionize client satisfaction. I talked to Ryan Spohn , CFO of Sikich , about their innovative alternative practice structure, holistic evaluations, and the impact of their recent $250M Bain Capital investment.

CPA 52

CPA Accounting Accounting 52

Accounting Tools

OCTOBER 19, 2024

What is a Reversing Entry? A reversing entry is a journal entry made in an accounting period, which reverses selected entries made in the immediately preceding period. The reversing entry typically occurs at the beginning of an accounting period. It is commonly used in situations when either revenue or expenses were accrued in the preceding period, and the accountant does not want the accruals to remain in the accounting system for another period.

Accruals 75

Accruals Account Reconciliation Invoicing Billing 75

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Change is difficult, whether in our private or work life. However, without change, growth and learning are difficult not to mention keeping up with the market and staying competitive. We have all worked for or ourselves are the bosses that prefer to keep the status quo. We will discuss how to address the "change challenge" to enable you to be a changemaker and a graceful recipient of change.

Accounting Tools

OCTOBER 19, 2024

What is Variable Overhead? Variable overhead is those manufacturing costs that vary roughly in relation to changes in production output. The concept is used to model the future expenditure levels of a business, as well as to determine the lowest possible price at which a product should be sold. Examples of variable overhead are: production supplies, equipment utilities, and materials handling wages.

Budgeting 75

Budgeting Financial Statements Cost Accounting Billing 75

Accounting Tools

OCTOBER 19, 2024

What is a Source Document? A source document is the original document that contains the details of a business transaction. A source document captures the key information about a transaction, such as the names of the parties involved, amounts paid (if any), the date, and the substance of the transaction. Source documents are frequently identified with a unique number, so that they can be differentiated in the accounting system.

Purchase Order 72

Purchase Order Deposits Auditing Expense Reports 72

Accounting Tools

OCTOBER 19, 2024

What are Non-Price Determinants of Demand? Non-price determinants are factors that impact the demand for goods or services, not including the price point being charged. These determinants will alter the demand for goods and services, but only within certain acceptable price ranges. For example, if non-price determinants are driving increased demand, but prices are very high, it is likely that buyers will be driven to look at substitute products.

Customer Service 40

Customer Service 40

Accounting Tools

OCTOBER 19, 2024

What is Direct Labor Cost? Direct labor cost is wages that are incurred in order to produce goods or provide services to customers. Direct labor costs are most commonly associated with products in a job costing environment, where the production staff is expected to record the time they spend working on various jobs. This can be a substantial chore if employees work on a multitude of different products.

Payroll 40

Payroll Cost Accounting Tax Billing 40

Accounting Tools

OCTOBER 19, 2024

What is an Attest Engagement Team? An attest engagement team is comprised of those persons participating in an attest engagement, including those who perform quality reviews. Members of such a team are likely to include the engagement partner, audit manager, audit staff, quality reviewers, and selected contractors. There may also be any number of specialists who are experts in such areas as IT controls or asset valuations.

Auditing 40

Auditing Tax 40

Accounting Tools

OCTOBER 19, 2024

What is a Covered Member? A covered member is a term used by the AICPA in relation to the parties covered by its rules concerning auditor independence from attest clients. In this context, a covered member is an individual on an attest engagement team , an individual in a position to influence an engagement team, a partner or manager who provides 10 or more hours of nonattest services to an attest client per year, a partner in the office in which the lead attest engagement partner practices in c

Auditing 40

Auditing 40

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Setting the stage for successful organizational change always begins with clear, thoughtful communication. When it comes to rolling out a new travel and expense (T&E) policy, establishing a well-structured communication plan is key to ensuring that all employees understand the changes and their impact. By following a step-by-step approach, you can guide your organization through the transition, fostering smooth adoption from the outset and improving compliance.