Category: Bookkeeping

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Proficiency in financial software, such as QuickBooks or Excel, is also important. Certification as a Certified Public Accountant (CPA) is often required or highly preferred for this role. We need just a bit more info from you to direct your question to the right person. Despite their challenges, such as navigating complex compliance landscapes and […]

It may make sense to include these periodically at full cost in your budget instead of including a portion of the expense each month since that is how you will pay for them. Every business, from the consultant working from home, to the smallest corner store, to the largest corporation, has business expenses and tracks […]

These critics claim having strict rules means that companies must spend an unfair amount of their resources to comply with industry standards. Unlike the straightforward cash-based accounting, accrual accounting also considers accounts payable, liabilities, assets and inventory. To become a public accountant, you’ll typically need to become a CPA and have a four-year degree in […]

Imagine Fred Smith purchases a house with a $500,000 mortgage loan through XYZ Bank, which charges a 5% interest rate. The holder of a toxic asset finds that it is no longer possible to sell it at a satisfactory price. Toxic assets are financial assets that are now worth considerably less than they used to […]

He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem. In December 2013, the Treasury wrapped up TARP and the government concluded that its program had earned more than $11 […]

Accrued Expense (a.k.a. Unearned revenue) is when expenses are incurred but have not yet been paid in cash. For our initial journal entry, let’s say that on October 4th, Apple paid $600 for a one-year insurance policy for theft prevention. Under the expense recognition principle, companies will only record a transaction as a business expense in […]

The entity may prepare the statement of retained earnings and the balance sheet and the statement of change in equity. Normally, the entity’s senior management team proposes the dividend payments to the board of directors for approval. Retained earnings and net income both are the revenue of a business entity. Net income is recorded in […]

The bank delays access to the money, even though those funds appear in the account. In retail banking, this typically involves a savings account with limited outgoing transactions. Additionally, account holders are often incentivized to deposit through financial rewards or tax savings. What Determines the Length of the Account Hold? Before setting up the account […]

In other words, holds protect the bank, and you spend money at your own risk. While a margin account offers you more flexibility, there is some risk involved. If you are new to investing, it’s best to stick with a cash account at first. While online banking allows bank deposits and other transactions to happen […]