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.

FinOps 130

FinOps FinOps Cloud FinOps Computation 130

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.

FinOps 130

FinOps FinOps Cloud FinOps Computation 130

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.

Accounting 40

Accounting Accounting Accruals Bookkeeping 40

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

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.

Tax 75

Tax Accounting Accounting Financial Statements 75

Accounting Today

NOVEMBER 1, 2023

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

Tax 303

Tax 303

Accounting Tools

MAY 13, 2024

What is a Real Account? A real account is an account that retains and rolls forward its ending balance at the end of the year. The areas in the balance sheet in which real accounts are found are assets , liabilities , and equity. Presentation of Real Accounts Real accounts are not listed in the income statement.

Accounting 40

Accounting Accounting Bookkeeping Accounts Payable 40

Accounting Tools

MAY 2, 2024

What is a Short Account? A short account is the trading account held by an individual who engages in short selling. A short account is a margin account that is required by regulation to contain the full amount of a short position, plus an additional 50% margin requirement.

Accounting 40

Accounting Accounting 40

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.

Cost Accounting 72

Cost Accounting Financial Reporting Budgeting Tax 72

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.

General Ledger 40

General Ledger Accounting Accounting Expense Reports 40

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.

Accounting 40

Accounting Accounting Accruals Auditing 40

Accounting Tools

MAY 7, 2024

What is Inflation Accounting? Inflation accounting is the process used to factor massive price increases into an organization’s financial statements. Thus, a business experiencing even fairly robust inflation is not allowed to use inflation accounting. Related Articles Constant Dollar Accounting Current Value Accounting

Financial Statements 40

Financial Statements Accounting Accounting Tax 40

Accounting Tools

APRIL 9, 2024

An operating segment generally has a segment manager who is accountable to the chief operating decision maker for the results of the segment. This definition is used in the International Financial Reporting Standards.

Financial Reporting 40

Financial Reporting Accounting Accounting 40

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 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.

Accounting 75

Accounting Accounting Financial Statements QuickBooks 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

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.

Financial Reporting 40

Financial Reporting Accounting Accounting 40

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

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.

Payroll 75

Payroll Tax Accounting Accounting 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.

Accruals 75

Accruals Bookkeeping Accounts Payable Accounts Payable 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.

General Ledger 75

General Ledger Accounting Accounting Financial Records 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

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.

General Ledger 75

General Ledger Accounting Accounting Accruals 75

Accounting Tools

JANUARY 30, 2024

The definition of a work week is important for two reasons. Work Week Best Practices To prevent confusion among employees, it is best to retain the same work week definition in perpetuity, barring a justifiable reason for changing it. Thus, an acquisition is one of the few valid reasons to alter the definition of a work week.

Payroll 40

Payroll Auditing Accounting Accounting 40

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.

Accounting 88

Accounting Accounting Billing Collections 88

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.

Accounting 74

Accounting Accounting Budgeting Auditing 74

Accounting Tools

FEBRUARY 26, 2024

For the purposes of this definition, minerals are assumed to include hydrocarbons. Accounting for a Mineral Interest Since no separate legal entity is involved in a mineral interest arrangement, each party records its proportionate share of the underlying revenues , expenses , assets , and liabilities.

Accounting 40

Accounting Accounting 40

Accounting Tools

MARCH 20, 2024

What are Accounting Policies? Accounting policies are the rules used by an entity to ensure that transactions are recorded properly and financial statements produced correctly. These policies ensure that accounting activities are handled consistently over time.

Financial Statements 40

Financial Statements Accounting Accounting Bookkeeping 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

OCTOBER 9, 2023

Related Courses Activity-Based Costing Constraint Management Cost Accounting Fundamentals What is Manufacturing Cost Accounting? Manufacturing cost accounting encompasses areas that impact production operations and the valuation of inventory. The cost accountant is primarily responsible for manufacturing accounting activities.

Cost Accounting 75

Cost Accounting Accounting Accounting Budgeting 75

Accounting Tools

MARCH 11, 2024

What is an Accounting Worksheet? An accounting worksheet is a document used within the accounting department to analyze and model account balances. A worksheet is useful for ensuring that accounting entries are derived correctly. If the outcome is correct, the entries are then input into the general ledger.

General Ledger 40

General Ledger Account Reconciliation Accounting Accounting 40

Accounting Tools

APRIL 15, 2024

What is Hedge Accounting? Hedge accounting involves offsetting changes in the fair value of a financial instrument with changes in the fair value of a paired hedge. This accounting applies to anything being hedged, such as foreign exchange positions, cash flows , and interest rates.

Accounting 40

Accounting Accounting 40

Accounting Tools

JULY 24, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Temporary Account? A temporary account is an account that begins each fiscal year with a zero balance. Temporary accounts are used to compile transactions that impact the profit or loss of a business during a year.

Accounting 75

Accounting Accounting Bookkeeping Accounting Software 75

Accounting Tools

MARCH 20, 2024

An estimated liability is an obligation for which there is no definitive amount. Instead, the accountant must make an estimate based on the available data. If so, it may not be possible to accurately derive the probability of bonus payouts until well into the year, so the accountant must derive an estimated liability in the meantime.

Accounting 40

Accounting Accounting 40

Accounting Tools

JANUARY 9, 2024

This definition has a broader scope than a mineral reserve , where there is a higher probability of economic extraction, based on a review of the technical issues, economics, and legal concerns. Related AccountingTools Course Accounting for Mining Related Articles Assay Mineral Interest Stripping Costs Waste Rock

Deposits 40

Deposits Accounting Accounting 40

Accounting Tools

JULY 8, 2023

Related Courses Accountants’ Guidebook Bookkeeping Guidebook The Balance Sheet What are Contra Accounts? A contra account offsets the balance in another, related account with which it is paired. Contra accounts appear in the financial statements directly below their paired accounts.

Accounting 75

Accounting Accounting General Ledger Accounts Receivable 75

Accounting Tools

NOVEMBER 8, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook Accounting is the systematic recordation of the financial transactions of a business. These three aspects of accounting are broken down into more detail below. Transaction tracking occupies the bulk of the time of the accountant.

Record Keeping 40

Record Keeping Accounting Accounting Financial Statements 40