Accounting Tools

OCTOBER 13, 2023

Related Courses GAAP Guidebook International Accounting What are the Statements of Financial Accounting Concepts? Concepts statements set the objectives and qualitative characteristics used to to determine which business transactions and events shall be recognized and measured in financial reports.

Financial Accounting 40

Financial Accounting Accounting Accounting Financial Reporting 40

Accounting Tools

OCTOBER 9, 2023

Related Courses GAAP Guidebook International Accounting What is a Statement of Financial Accounting Standards? A statement of financial accounting standards (SFAS) gives detailed guidance on how to deal with a specific accounting issue.

Financial Accounting 40

Financial Accounting Accounting Accounting Financial Statements 40

Accounting Tools

SEPTEMBER 8, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook Most accounting tasks can be divided into financial accounting and managerial accounting. There are a number of differences between financial and managerial accounting, which are noted below.

Financial Statements 76

Financial Statements Accounting Accounting Financial Accounting 76

Insightful Accountant

APRIL 3, 2025

This article summarizes key points of a recent educational paper by the Financial Accounting Standards Board (FASB) to clarify Generally Accepted Accounting Principles (GAAP) presentation and disclosure requirements for Construction Contractors.

Financial Accounting 64

Financial Accounting Accounting Accounting 64

Accounting Tools

AUGUST 27, 2023

Related Articles Basic Accounting Concepts Debits and Credits Double Entry Accounting Financial Accounting Basics The Steps in the Accounting Process

Financial Accounting 75

Financial Accounting Accounting Accounting 75

Accounting Tools

AUGUST 4, 2023

Related Courses Bookkeeping Guidebook CFO Guidebook New Controller Guidebook There are several types of functions fulfilled by the accounting department within a business. These accounting functions are noted below. What is Accountancy? What is an Accountant?

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

JUNE 20, 2023

Accountants tend to specialize in one of these fields, which leads to the different career tracks noted below. Financial Accounting Those in the financial accounting field are concerned with the aggregation of financial information into external reports.

Accounting 76

Accounting Accounting Financial Statements Accruals 76

Intuit

DECEMBER 23, 2024

The platform connects with your financial accounts, helps you track and schedule all your recurring expenses, and even enables you to review your net worth and cash flow growth. And its centralized dashboard helps you track your financial accounts and savings goals all in one place.

Budgeting 130

Budgeting Billing Financial Accounting Accounting 130

Accounting Tools

SEPTEMBER 7, 2023

It is primarily used in financial accounting , as part of the process of compiling the financial statements. Related Articles Accounting for Manufacturing Businesses Cost Accounting Basics Cost of Goods Sold Journal Entry How to Calculate the Cost of Goods Sold Is the Cost of Goods Sold an Expense?

Financial Statements 75

Financial Statements Cost Accounting Auditing Financial Accounting 75

Accounting Tools

DECEMBER 19, 2023

The information in the general ledger is used to derive financial statements , and may also be the source of some information used for internal management reports. Reporting The reporting aspects of accountancy are considerable, and so have been divided into smaller areas of specialization, which are noted below.

General Ledger 76

General Ledger Accounting Accounting Financial Statements 76

Accounting Tools

JULY 8, 2024

What are the Advantages of Cost Accounting? There are multiple advantages to using cost accounting, since it provides vastly more actionable information than the financial statements produced through financial accounting. The key advantages of cost accounting are noted below.

Cost Accounting 75

Cost Accounting Accounting Accounting Budgeting 75

Accounting Tools

JUNE 6, 2023

In this situation, create a journal entry to shift the amount of the overdrawn checks into the accounts payable or a similar current liability account; doing so reduces the balance in the checking account to zero, and properly displays the overdrawn amount as a current liability.

Bookkeeping 72

Bookkeeping Accounts Payable Accounts Payable Financial Accounting 72

Accounting Tools

FEBRUARY 26, 2024

The general ledger is used as the main source of information by financial accountants when they are investigating accounts. The general ledger is considered to be a database of information about accounting transactions, while the trial balance is really just a report that is derived from the general ledger.

General Ledger 75

General Ledger Bookkeeping Financial Statements Auditing 75

Accounting Tools

JULY 17, 2023

One of the reasons for using GAAP is so that anyone reading the financial statements of multiple companies has a reasonable basis for comparison, since all companies using GAAP have created their financial statements using the same set of rules. There is a stated intent to eventually merge GAAP into IFRS, but this has not yet occurred.

Financial Statements 75

Financial Statements Financial Reporting Financial Accounting Accounting 75

Accounting Tools

NOVEMBER 1, 2023

Another option is the certified management accountant (CMA) designation, which is targeted at improving the management accounting and financial accounting skills of accountants. The Certified Internal Auditor (CIA) designation is intended for those who work on auditing tasks within a business.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

OCTOBER 18, 2024

There are hundreds of smaller differences within each of the major topics of accounting, which are constantly being adjusted as the two standards are updated. IASB vs. FASB GAAP is derived and maintained by the Financial Accounting Standards Board , which is based in the United States. What is IFRS?

Financial Reporting 76

Financial Reporting Financial Accounting Accounting Accounting 76

Accounting Tools

SEPTEMBER 10, 2023

Related Courses GAAP Guidebook International Accounting What are FASB Pronouncements? FASB pronouncements are the various issuances of the Financial Accounting Standards Board. The pronouncements are part of the accounting framework known as generally accepted accounting principles.

Financial Accounting 40

Financial Accounting Accounting Accounting 40

Accounting Tools

SEPTEMBER 10, 2023

A FASB Interpretation is an official issuance of the Financial Accounting Standards Board (FASB). This document provides additional information about a previously-issued accounting standard , stating how it should be applied; it is essentially explanatory.

Financial Accounting 40

Financial Accounting Accounting Accounting 40

Blake Oliver

MARCH 21, 2023

It's time for a reality check on accounting standards. A Wall Street Journal article published today highlights concerns around the $8 trillion mortgage debt market and the accounting treatment of mortgage-backed securities (MBS) on bank balance sheets.

Accounting 52

Accounting Accounting Financial Accounting 52

Accounting Tools

OCTOBER 14, 2023

Once a statement of position is issued, the Financial Accounting Standards Board ( FASB ) may incorporate some elements of it in the FASB's formulation of new accounting standards. Related Articles FASB Interpretations FASB Pronouncements Statements of Financial Accounting Concepts Statements of Financial Accounting Standards

Financial Accounting 40

Financial Accounting Auditing Accounting Accounting 40

Counto

MAY 2, 2024

Navigating the Foreign Account Tax Compliance Act (FATCA) in Singapore As a small business owner or entrepreneur, understanding global financial regulations like the Foreign Account Tax Compliance Act (FATCA) is crucial. persons with financial accounts in Singapore are subject to reporting by their financial institutions.

Tax 52

Tax Accounting Accounting Corporation Tax 52

Accounting Tools

OCTOBER 11, 2023

Tax Accounting Tax accounting involves planning to reduce or defer tax payments, as well as filing many types of tax returns.

Accounting 76

Accounting Accounting Record Keeping Purchase Order 76

Accounting Tools

OCTOBER 23, 2023

Unfortunately, cost and expense tend to be used interchangeably even within the accounting terminology. The master glossary of the accounting standards codification that is maintained by the Financial Accounting Standards Board does not define either term; consequently, the following definitions are derived from common usage.

Cost Accounting 75

Cost Accounting Bookkeeping Billing Financial Accounting 75

Accounting Tools

JULY 15, 2024

These cost accounting basics form the fundamental tasks of the cost accountant in supporting the decision making of the management team.

Cost Accounting 73

Cost Accounting Accounting Accounting Billing 73

Accounting Tools

JULY 23, 2024

This list is an expanded version of the objectives set forth by the Financial Accounting Standards Board ( FASB ). The FASB assumed that creditors and investors would be the primary users of financial reports, and so developed a list of objectives that matches their needs.

Financial Reporting 52

Financial Reporting Financial Statements Bookkeeping Financial Accounting 52

Accounting Tools

APRIL 6, 2024

This function could be placed within the accounting department, or maintained as an entirely separate department, perhaps reporting to the CFO. A large number of control responsibilities will likely be integrated into the preceding areas.

Accounting 75

Accounting Accounting Financial Statements Budgeting 75

Accounting Tools

MAY 21, 2023

Journal entries and attached documentation should be retained for a number of years, at least until there is no longer a need to have the financial statements of a business audited. The minimum duration period for journal entries should be included in the corporate archiving policy.

General Ledger 75

General Ledger Financial Statements Accruals Payroll 75

Accounting Tools

JANUARY 11, 2024

Accounting interpretations have been issued by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).

Accounting 40

Accounting Accounting Financial Accounting 40

Accounting Tools

MAY 4, 2024

It mandates that all public entities submit quarterly and annual financial reports, which are then made available to the public on its website. Related AccountingTools Course Public Company Accounting and Finance Related Article Financial Accounting Standards Board The SEC was authorized by Congress in 1934.

Financial Reporting 40

Financial Reporting Financial Accounting Accounting Accounting 40

Accounting Tools

JUNE 11, 2023

An accounting standard is a document issued by a rule-setting body, stating the manner in which accounting transactions are to be recorded and reported. The entities that most commonly issue accounting standards are the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB).

Accounting 40

Accounting Accounting Financial Statements Financial Reporting 40

Accounting Tools

SEPTEMBER 26, 2023

Some elements of the opinions have been incorporated into the successor entity to the APB, which is the Financial Accounting Standards Board (FASB). Related Articles Accounting Interpretations Accounting Research Bulletins FASB Interpretations FASB Pronouncements

Financial Statements 40

Financial Statements Financial Accounting Tax Accounting 40

Accounting Tools

SEPTEMBER 25, 2023

The focus of the CMA certification is to represent that its holder has experience and knowledge in both management accounting and financial accounting. The certification is offered by the Institute of Management Accountants. Related Articles CPA vs. CMA - Which Certification is Better?

Management Accounting 40

Management Accounting CPA Accounting Accounting 40

Counto

MAY 8, 2024

Types of Consulting Businesses Singapore’s consulting industry is vast, covering multiple domains: Business Consulting: Includes specialised services like marketing, financial, HR, and IT consulting. Financial/Accounting Consulting: Requires alignment with financial regulations.

Financial Accounting 52

Financial Accounting Tax Accounting Accounting 52

Accounting Tools

OCTOBER 8, 2023

In descending order, the levels are as follows: FASB Statements of Financial Accounting Standards and Interpretations, FASB Staff Positions, and AICPA Accounting Research Bulletins and Accounting Principles Board Opinions that are not superseded by actions of the FASB.

Auditing 40

Auditing Financial Reporting Financial Accounting Accounting 40

Accounting Tools

JUNE 5, 2024

When are Expenses Incurred?

Bookkeeping 40

Bookkeeping Budgeting Financial Accounting Accounting 40

Accounting Tools

JUNE 9, 2023

The intent behind this type of accounting is to provide insights into the cost structure of a business that can be used to better manage it, thereby improving profitability. As opposed to financial accounting , cost accounting is primarily intended for internal operational activities.

Cost Accounting 40

Cost Accounting Accounting Accounting Budgeting 40

Accounting Tools

MARCH 11, 2024

The CAP was replaced by the Accounting Principles Board , which in turn was later replaced by the Financial Accounting Standards Board (FASB). The FASB continues to issue accounting standards on a variety of topics, most of which are aligned with the standards issued by the International Accounting Standards Board (IASB).

Accounting 40

Accounting Accounting Financial Accounting 40