What is Bookkeeping? Definition, Importance, Tasks and Example

The bookkeeper is generally responsible for overseeing the first six steps of the Accounting Cycle, while the last two are typically taken care of by an accountant. While there is a general overlap between the two professions, there are a few distinctions that are later discussed in this article. Here’s a crash course on small-business […]

Construction Accounting 101: A Basic Guide for Contractors

Content How are contract accounts prepared? Services Revenue Recognition – Long-term Contracts Contract revenues are measured at the fair value of consideration received Break Down Project Costs—Job Costing a) the amount of contract revenue recognized during the period; Each job incurs direct and indirect costs that may fall into a wide range of categories. It’s […]

IFRS: What Is It?

Content FASB Mission Investors want global approach to goodwill accounting Joint IASB–FASB education meeting Related Definitions AccountingTools FASB: The Financial Accounting Standards Board GAAP exists, other than guidance issued by the Securities and Exchange Commission . The American Institute of CPAs offers a PowerPoint slide show about the Codification, to help users with the organization […]

FCPA Compliance Puts the Spotlight on Internal Accounting Controls Risk & Compliance Matters by NAVEX

Content What are Internal Controls? Sound Personnel and Personnel Policies Internal Control Activities and Best Practices Board of directors What Are Some Preventive Internal Controls? Scaling the Audit Testing Controls These factors are outside the scope of internal control; therefore, effective internal control provides only timely information or feedback on progress towards the achievement of […]

Multiple States Figuring What’s Owed When You Live and Work in More Than One State

Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our how does state income tax work site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except […]

how to fill out a receipt book

Content Online Receipts (for printing) Receipt Book Templates – DOC, PDF Step 5. Include the price How to use a receipt book template You just need to remember that you’ll always need to print out duplicates so that you and the customer can have a copy each. Be consistent in record-keeping – use the same […]

Inventory Accounting

Contents: Product Best accounting software for small businesses Perpetual vs. Periodic Inventory Accounting Systems Acquisition Costs Average Weighted Cost (AVCO) This mirror-image of FIFO, this COGS model assumes that the most recent items placed into your inventory are the first items sold. Working under the inflationary idea that recently-purchased items will cost more than older […]

Operating expenses Accounting dictionary

Content Analyzing and Evaluating Expenses New Purchases, Reconciliation, Payments and Reports List of Contra Accounts Contra Account Definition, Types, and Example Do expense reimbursements count as freelance revenue? For example, a company pays for medical insurance on behalf of its employees, which it records in an employee benefits expense account. Then, when the employee-paid portion […]

Bookkeeping & Accounting for Lawyers

Content The Trust Accounting Guide for Lawyers Bookkeeping Services Actively Manage Your Finances and Financial KPIs Access your product Mobile App Start by Hiring a Bookkeeper With all the options available, we know it’s difficult to choose which software is the best choice for your firm. After all, you have to sift through the options […]

What is Income Summary? Definition Meaning Example

Content What Is the Purpose of Preparing an Income Summary and an Income Statement? Income Summary vs. Income Statement Completing the Accounting Cycle for a Sole Proprietorship Close income summary account Free Debits and Credits Cheat Sheet Income Summary What is the income summary account? It stores all of the closing information for revenues and […]