Category: Bookkeeping

Establishing an allowance for doubtful accounts involves estimating the amount of receivables that are expected to be uncollectible. This estimation can be based on various methods, such as the percentage of sales method or the aging of accounts receivable method. On the income statement, the provision for doubtful accounts is recorded as an expense, reducing…

Applying Clarified Auditing Standards to Audit Correspondence ON DEMAND Washington Society of CPAs The new standard contains explicit requirements for the group auditor that are intended to address these risks, in particular, risks related to the consolidation process and risks related to identifying subsequent events. AICPA Audit Guides are developed and updated to provide guidance…

IAASB Completes Clarity Project; New Web Page Features Full Suite of Standards and Resources The group auditor should also review the component auditor’s documentation of identified significant risks. In certain cases, the group auditor may choose to become more involved in the work of the component auditor or may itself perform additional procedures on the…

Audit, Attest & Quality Control Standards Resources Another change is the numbering of the standards, which are currently labeled “AU” for existing standards and “AU-C” for clarified standards, which will change to “AU” after implementation. It will be more efficient to determine whether reference will be made before designing the remainder of the group audit…

But if you just allocated the money for later use then there really isn’t a hard limit to change how much money is advocated for advertising. Variable costs fluctuate in direct proportion to changes in production or sales levels. In the context of advertising, variable costs refer to expenses that increase or decrease depending on…

This is especially true of companies that have been in business for many formula for determining equity years. At Above the Green Line, we provide tools and insights to help you navigate these complex financial concepts. Our comprehensive resources can assist you in calculating and interpreting cost of equity, enabling you to make more informed…

While the 2.73% APY yield on the Credit Karma Money Save account is a significant savings rate, there are higher rates available, and, once again, you won’t need to sign up for Credit Karma to nab those rates. With the Credit Karma Money Spend account, there are no inactivity fees, no annual fees, no monthly…

We’ll keep your books in good shape so you can focus on growing your business. Accuracy in bookkeeping is not just crucial—it’s non-negotiable. Our bookkeeping review and clean-up service ensures your books are free from errors and discrepancies. Clear financial records that facilitate effective decision-making. The service is outstanding, and all of my requests are…

For all of these, the account balance will represent a different meaning. An account balance that falls below zero represents a net debt—for example, when there is an overdraft on a checking account. Yes, you can withdraw your entire bank account balance, but it’s wise to be mindful of any minimum balance requirements or fees.…

If you don’t cash in the check for a long time, the payee might think that you lost it – so, to protect the money, they will cancel the check. Once that happens, the bank may reject your claim and the check will bounce back. Even if the person had the funds in their account…