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 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

MAY 13, 2024

What is an Accounting Convention? An accounting convention is a common practice used as a guideline when recording a business transaction. It is used when there is not definitive guidance in the accounting standards that govern a specific situation.

Accounting 75

Accounting Accounting Financial Statements Bookkeeping 75

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

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

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 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. This period defines the time range over which business transactions are accumulated into financial statements.

Financial Statements 75

Financial Statements Accounting Accounting Financial Reporting 75

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.

Financial Statements 40

Financial Statements Accounting Accounting Tax 40

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

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

MARCH 27, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is Public Accounting? Public accounting refers to a business that provides accounting services to other firms. This can include the handling of many accounting functions on an outsourced basis.

Financial Statements 75

Financial Statements Accounting Accounting Auditing 75

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

MARCH 27, 2023

Related Courses Cost Accounting Fundamentals Financial Analysis What is Cost Accounting? Cost accounting examines the cost structure of a business. None of these tools are used by financial accountants, who are more concerned with the production of financial statements.

Cost Accounting 75

Cost Accounting Accounting Accounting Financial Statements 75

Accounting Tools

JUNE 8, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Accounting Cycle? The accounting cycle is the actions taken to identify and record an entity's transactions. These transactions are then aggregated at the end of each reporting period into financial statements.

General Ledger 75

General Ledger Financial Statements Accounting 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

APRIL 12, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is the Cash Basis of Accounting? The cash basis of accounting is the practice of recording revenue when cash has been received, and recording expenses when cash has been paid out. Audited financial statements.

Accruals 75

Accruals Financial Statements Accounting Accounting 75

Accounting Tools

MARCH 29, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is an Accounting Transaction? An accounting transaction is a business event having a monetary impact on the financial statements of a business. It is recorded in the accounting records of the business.

Accounting 75

Accounting Accounting Financial Statements Accounting Software 75

Accounting Tools

NOVEMBER 5, 2023

Related Courses Bankruptcy Tax Guide Essentials of Corporate Bankruptcy What is the Liquidation Basis of Accounting? Liquidation basis accounting is concerned with preparing the financial statements of a business in a different way if its liquidation is considered to be imminent. Forced liquidation.

Accruals 71

Accruals Accounting Accounting Financial Statements 71

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

Accounting Tools

MARCH 27, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is Full Cycle Accounting? Full cycle accounting refers to the complete set of activities undertaken by an accounting department to produce financial statements for a reporting period. Here are several examples of full cycle accounting: Sales.

Accounting 76

Accounting Accounting Accounts Payable Accounts Payable 76

Accounting Tools

SEPTEMBER 7, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook What is an Accountant? An accountant is a person who engages in accounting activities. These activities include the preparation of financial statements and tax returns , setting up accounting processes, and analyzing costs.

Financial Statements 40

Financial Statements Accounting Accounting CPA 40

Accounting Tools

MAY 19, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is a Ledger Account? A ledger account contains a record of business transactions. Terms Similar to Ledger Account A ledger account is also known as an account.

General Ledger 75

General Ledger Accounting Accounting Reconciling 75

Accounting Tools

JANUARY 12, 2024

What is an Accounting Valuation? An accounting valuation is the inclusion of assets and liabilities in the accounting records of an organization in accordance with the valuation rules of the applicable accounting framework.

Accounting 40

Accounting Accounting Financial Statements 40

Accounting Tools

OCTOBER 25, 2023

Related Courses Financial Analysis The Interpretation of Financial Statements What is the Accounting Breakeven Point? The accounting breakeven point is the sales level at which a business generates exactly zero profits , given a certain amount of fixed costs that it must pay for in each period.

Accruals 75

Accruals Accounting Accounting Financial Analysis 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

JUNE 9, 2024

These are the account totals as of the end of the accounting period , as compiled from the general ledger. These are journal entries to more closely align the reported results and financial position of a business to meet the requirements of an accounting framework , such as GAAP or IFRS. Income statement balances.

General Ledger 52

General Ledger Financial Statements Bookkeeping Accounting 52

Accounting Tools

SEPTEMBER 29, 2023

Related Courses GAAP Guidebook Governmental Accounting International Accounting What is an Accounting Framework? An accounting framework is a published set of criteria that is used to measure, recognize , present, and disclose the information appearing in an entity's financial statements.

Financial Statements 40

Financial Statements Accounting Accounting Financial Reporting 40

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Accounting Conservatism? Accounting conservatism is the concept that a business should take the most conservative view to recording business transactions.

Financial Statements 40

Financial Statements Accounting Accounting Bookkeeping 40

Accounting Tools

SEPTEMBER 27, 2023

What is an Accounting Entity? An accounting entity is a business for which a separate set of accounting records is maintained. The accounting entity concept is used to establish the ownership of assets and obligation for liabilities , as well as to determine the profitability of a specific set of economic activities.

General Ledger 40

General Ledger Accounting Accounting Financial Statements 40

Accounting Tools

JANUARY 2, 2024

What is Black Box Accounting? Black box accounting is the deliberate use of excessively complex accounting transactions to hide the financial condition of a business. Types of Black Box Accounting There are several ways in which an accountant can engage in black box accounting.

Financial Statements 40

Financial Statements Accounting Accounting 40

Accounting Tools

MAY 21, 2023

Related Courses Bookkeeping Guidebook Closing the Books New Controller Guidebook What are Accounting Adjustments? An accounting adjustment is a business transaction that has not yet been included in the accounting records of a business as of a specific date. Recognizing revenue that has not yet been billed.

Accruals 75

Accruals Accounting Accounting Billing 75

Accounting Tools

OCTOBER 26, 2023

Related Courses Bookkeeper Education Bundle Bookkeeping Guidebook What is the Basis of Accounting? The basis of accounting refers to the methodology under which revenues and expenses are recognized in the financial statements of a business. They are noted below.

Accruals 40

Accruals Financial Statements Accounting Accounting 40

Accounting Tools

JULY 11, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is Financial Accounting? Financial accounting is the practice of recording and aggregating financial transactions into financial statements.

Financial Accounting 40

Financial Accounting Financial Statements Accounting Accounting 40