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ContentUnderstanding the Accounting EquationThe Accounting EquationFinancial and Managerial AccountingThe Expanded Accounting EquationHow does the accounting equation work?Liabilities In terms of results, in double-entry accounting both sides of the accounting equation are required to balance out at all times. For example, if your business assets total $200,000, the sum of your liabilities plus the owners’ or [...]

ContentWhat benefits of QuickBooks Advanced Certification?QBO Advanced CertificationServices Provided by QuickBooks ProAdvisorQuickBooks ProAdvisorIncrease your training with the QuickBooks ProAdvisor Program! Make sure to discover the best consultant because they will be responsible for your business in the future. Start with making a list of your needs and requirements to manage the account section. Don’t forget [...]

When it comes to financial accounting vs managerial accounting, the main differences are the manners of collecting, processing, and reporting information. Users of financial and managerial accounting information also have different goals in analyzing and interpreting this information. In this article, we’ll discuss how these two major branches of accounting differ along seven criteria. Financial [...]

If there are any differences between the three, your trust reconciliation report should show the reason for the discrepancy. For example, say you deposited a check for $10,000 to the trust account on December 30 but the deposit didn’t clear the bank until January 2. The December 31 bank statement shows a balance that is [...]

In the intricate realm of legal practice, adherence to accounting standards is the bedrock of ethical and transparent operations. This comprehensive guide unveils the nuances of legal accounting standards, with a specific focus on adeptly managing client funds, particularly in trust accounts, and steering clear of the pitfalls of double billing. By embracing technology and [...]

Labor costs in India are substantially lower compared to Western countries, making it possible for what is meant by nonoperating revenues and gains companies to get high-quality services at a fraction of the cost. Outsourcing to India allows businesses to save on employee salaries, benefits, and overhead expenses. India has a large pool of skilled [...]

Most preparers charge a flat fee per return, but some may charge an hourly rate. Apart from auditing, CPAs also engage in consulting services, such as management advisory and financial planning. These services address various business needs, including cost control, risk management, and strategic planning. Consulting fees also vary depending on the complexity and scope [...]

ContentWhat tax return does a business need to file?Selling, General, and Administrative ExpensesGeneral and administrative expensesEverything You Need To Master Financial ModelingSelling General & Administrative Expenses (SG&A)What Is Selling, General & Administrative Expense (SG&A)? How to Calculate & Examples However, U.S. accounting standards treat R&D as a separate operating expense that’s not part of SG&A. Depreciation [...]

ContentOperating Expenses SectionConnect With a Financial AdvisorHow To Read A Multi Step Income StatementWhat’s a Multi-Step Income Statement?Difference Between Cash Flow & Sales RevenueExample of a Multi Step Income StatementHow to Calculate Net Income on Condensed Income Statements It can be used to analyze company performance and allow for a more detailed analysis compared to [...]

Within an organization, static budgets are often used by accountants and chief financial officers (CFOs)–providing them with financial control. The static budget serves as a mechanism to prevent overspending and match expenses–or outgoing payments–with incoming revenue from sales. In short, a well-managed static budget is a cash flow planning tool for companies. Proper cash flow [...]