Accounting Tools

JULY 14, 2023

An adverse opinion is a statement made by an entity’s outside auditor , that the entity’s financial statements do not fairly represent its results, financial position , and cash flows. The auditor states the reason for this type of opinion within the report.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

AUGUST 5, 2023

Comparing Marginal Costing and Absorption Costing The following differences exist between the two methods: Cost application. An additional difference is that absorption costing is required by the applicable accounting frameworks for financial reporting purposes, so that factory overhead will be included in the inventory asset.

Financial Reporting 75

Financial Reporting Cost Accounting Accounting Accounting 75

Accounting Tools

MARCH 8, 2024

What is External Financial Reporting? External financial reporting includes financial statements , financial summaries, and related disclosures that are issued to users outside of a reporting entity. What are External Financial Reports? Balance sheet. Statement of cash flows.

Financial Reporting 40

Financial Reporting Financial Statements Auditing Accounting 40

Accounting Tools

APRIL 6, 2024

Financial Statements Production A reporting group within the department creates adjusting journal entries to bring the company's initial financial results into compliance with the applicable accounting framework , writes footnotes to accompany the financial statements , and releases financials following the end of each reporting period.

Accounting 75

Accounting Accounting Budgeting Financial Statements 75

Accounting Tools

NOVEMBER 9, 2023

An other comprehensive basis of accounting (OCBOA) is a non- GAAP accounting framework that is used to generate financial statements. The use of OCBOA may apply when financial statements are needed for a specific purpose, or when the preparer wants to use a simpler system than GAAP that requires fewer disclosures.

Financial Statements 40

Financial Statements Accounting Accounting Financial Reporting 40

Accounting Tools

MARCH 20, 2024

Accounting policies are the rules used by an entity to ensure that transactions are recorded properly and financial statements produced correctly. They are also needed to ensure that an organization follows the applicable accounting framework , such as GAAP or IFRS.

Financial Statements 40

Financial Statements Accounting Accounting Bookkeeping 40

Accounting Tools

OCTOBER 7, 2023

Related Courses Accounting Controls Guidebook Accounting Information Systems What is a Control Framework? A control framework is a conceptual basis for formulating a set of controls for an organization. This set of controls is intended to minimize risk through the use of practices and procedures in a coordinated manner.

Financial Reporting 40

Financial Reporting Accounting Accounting 40

Accounting Tools

OCTOBER 27, 2023

An unqualified opinion is an audit report that has been issued with no reservations regarding the state of an audit client's financial statements. Creditors , lenders , and investors want to see financial statements with an unqualified opinion attached to them before they will lend money or invest funds.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

MARCH 1, 2024

Tax accounting is derived from the Internal Revenue Code (IRC), rather than one of the accounting frameworks , such as GAAP or IFRS. Tax accounting may result in the generation of a taxable income figure that varies from the income figure reported on an entity's income statement.

Tax 75

Tax Accounting Accounting Financial Statements 75

Accounting Tools

DECEMBER 23, 2023

Audit objectives are associated with the audit of financial statements. Audit objectives are intended to obtain reasonable assurance that the financial statements are free of material misstatements , and to issue a report on those financial statements based on the findings resulting from the audit.

Auditing 40

Auditing Financial Statements Financial Reporting 40

Accounting Tools

OCTOBER 11, 2023

An adjusting entry is used at the end of a reporting period to bring a company’s financial statements into compliance with the applicable accounting framework , such as GAAP or IFRS. Related Articles Accounts that are Closed at Year End The Difference Between Adjusting Entries and Closing Entries Year-End Adjustments

Financial Statements 40

Financial Statements Invoicing Billing Accounting 40

Accounting Tools

MARCH 26, 2023

Related Courses How to Conduct an Audit Engagement What is an Auditor’s Report? An auditor’s report is a written statement made by an external auditor , stating that party’s opinion on whether a client’s financial statements comply with the applicable accounting framework and are free of material misstatements.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

OCTOBER 11, 2023

Adjusting entries are recorded at the end of a reporting period to put a firm’s financial statements in conformance with the applicable accounting framework. Related Articles Accounts That are Closed at Year-End The Difference Between Adjusting Entries and Correcting Entries Year-End Adjustments

Financial Statements 40

Financial Statements Accruals Accounting Software Invoicing 40

Accounting Tools

SEPTEMBER 9, 2023

Accounting postulates are generally not stated in the disclosures that accompany a reporting entity’s financial statements. Transactions should be recorded when not doing so might alter the decisions made by a reader of a company's financial statements.

Accounting 40

Accounting Accounting Financial Statements Financial Reporting 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 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

JANUARY 19, 2024

It represents the amount of the tax obligation in the reporting period for which payment is not yet due. The reason why a deferred liability arises is that the tax laws differ in some respects from the applicable accounting framework (such as GAAP or IFRS ). What is a Deferred Income Tax Liability?

Tax 40

Tax Financial Statements Accounting Accounting 40

Accounting Tools

JUNE 16, 2023

The intent of adding these entries is to correct errors in the initial version of the trial balance and to bring the entity's financial statements into compliance with an accounting framework , such as Generally Accepted Accounting Principles or International Financial Reporting Standards.

General Ledger 74

General Ledger Financial Statements Accruals Bookkeeping 74

Accounting Tools

AUGUST 8, 2023

Related Articles Reasonableness Test This means that there is some uncertainty arising from the use of sampling, since it is possible that a material misstatement will be missed.

Financial Statements 40

Financial Statements Auditing Financial Reporting Accounting 40

Accounting Tools

MAY 21, 2023

Opinion shopping is the practice of searching for an auditor that will issue an unqualified opinion on a company’s financial statements. An unqualified opinion indicates that the firm’s financial statements are fairly presented, and that they conform to the applicable accounting framework.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

JUNE 7, 2023

The first is a correction of an error in the financial statements that was reported for a prior period. Since the second situation is both highly specific and rare, a prior period adjustment really applies to just the first item - the correction of an error in the financial statements of a prior period.

Financial Statements 74

Financial Statements Account Reconciliation Tax Accounting 74

Accounting Tools

JULY 18, 2023

The letter attests to the accuracy of the financial statements that the company has submitted to the auditors for their analysis. The letter is signed following the completion of audit fieldwork, and before the financial statements are issued along with the auditor's opinion.

Financial Statements 40

Financial Statements Auditing Financial Records Financial Reporting 40

Outsourced Bookeeping

JANUARY 29, 2024

In this article, we will delve into the benefits of offshoring accounting and how it can significantly contribute to the success of your business. By opting for offshoring, companies can access skilled accountants abroad and streamline their financial operations.

Outsourced Bookkeeping 59

Outsourced Bookkeeping Payroll Financial Reporting Bookkeeping 59

Accounting Tools

JUNE 12, 2023

Overhead application is required to meet certain accounting requirements, but is not needed for most decision-making activities. The amount of overhead applied is usually based on a standard application rate that is only changed at fairly long intervals. For example, a widget generates a before-overhead profit of $1.00

Financial Statements 40

Financial Statements Cost Accounting Financial Reporting Accounting 40

Accounting Tools

NOVEMBER 2, 2023

An accounting principle is a general guideline to follow when recording and reporting business transactions. You should only change an accounting principle when doing so is required by the accounting framework being used (either GAAP or IFRS ), or you can justify that it is preferable to use the new principle.

Financial Statements 40

Financial Statements Accounting Accounting Tax 40

oAppsNet

APRIL 15, 2024

In this comprehensive article, we’ll explore nine critical ways in which the role of AP professionals is expected to change in 2024 and the implications for individuals and organizations alike. This includes implementing robust internal controls, conducting regular audits, and maintaining accurate documentation of financial transactions.

Accounts Payable 52

Accounts Payable Accounts Payable AP Vendor Management 52

Accounting Tools

NOVEMBER 2, 2023

Related Courses Ethical Frameworks in Accounting Guide to Auditor Legal Liability How to Conduct an Audit Engagement What is Accountant Responsibility? These parties include lenders , creditors , investors , regulators, and anyone else who reads the person’s financial reports.

Accounting 40

Accounting Accounting Financial Statements CPA 40

Accounting Tools

JUNE 6, 2023

The amount of income tax expense recognized is unlikely to exactly match the standard income tax percentage that is applied to business income, since there are a number of differences between the reportable amount of income under the GAAP or IFRS frameworks and the reportable amount of income allowed under the applicable government tax code.

Tax 40

Tax Financial Statements Accounting Accounting 40

Accounting Tools

OCTOBER 8, 2023

Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements What is Horizontal Analysis? Horizontal analysis is the comparison of historical financial information over a series of reporting periods. Horizontal analysis can be misused to report skewed findings.

Financial Statements 40

Financial Statements Financial Analysis Accounts Payable Accounts Payable 40

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

AUGUST 6, 2023

Year-end adjustments are journal entries made to various general ledger accounts at the end of the fiscal year , to create a set of books that is in compliance with the applicable accounting framework. It is especially necessary to create year-end adjustments when the financial statements are to be audited by the company’s auditors.

General Ledger 75

General Ledger Accruals Billing Reconciling 75

Intuit

NOVEMBER 20, 2023

That’s what we will discuss in this article. A CPA handles all financial aspects of a business. With the large amount of money circulating through many businesses daily, someone has to keep track of it and report it to relevant parties. CPAs are some of the highest-paid professionals in the world of finance. What is a CPA?

CPA 130

CPA Bookkeeping QuickBooks Tax 130

Nanonets

MAY 31, 2023

According to a Forrester survey, 98% of financial institutions believe that AI and ML can give them an edge and improve how they do business. This article explores the case for integrating AI into your finance function, the route to achieving it, and how your business can step change as a result.

Data Entry 122

Data Entry Financial Operations Financial Operations Budgeting 122

Accounting Tools

NOVEMBER 1, 2023

This conservative approach is not intended to result in arbitrarily reduced financial statements, but rather to produce results that are unlikely to require future adjustments, thereby gaining the public’s trust in the contents of financial statements. Accounting conservatism is especially applicable to the recognition of revenue.

Financial Statements 40

Financial Statements Accounting Accounting Bookkeeping 40

Accounting Tools

DECEMBER 19, 2023

What are Financial Statement Footnotes? Financial statement footnotes are explanatory and supplemental notes that accompany a firm’s financial statements. The exact nature of these footnotes varies, depending upon the accounting framework used to construct the financial statements (such as GAAP or IFRS ).

Financial Statements 40

Financial Statements Reconciling Auditing Accounting 40

Jetpack Workflow

AUGUST 1, 2023

bill pay, reconciling bank accounts, tracking invoices and receipts) Tax preparation services Financial reporting Inventory tracking Accounts payable When considering which services to include in a package, focus on the ones you can standardize for any client. Use the service descriptions you created in Step 4 to outline each package.

Bookkeeping Services 52

Bookkeeping Services Bookkeeping Financial Reporting Reconciling 52

Jetpack Workflow

AUGUST 1, 2023

bill pay, reconciling bank accounts, tracking invoices and receipts) Tax preparation services Financial reporting Inventory tracking Accounts payable When considering which services to include in a package, focus on the ones you can standardize for any client. Use the service descriptions you created in Step 4 to outline each package.

Bookkeeping Services 52

Bookkeeping Services Bookkeeping Financial Reporting Reconciling 52