Borrow money refers to the act of acquiring funds from a lender with the borrow money meaning agreement to return the amount borrowed, typically with added interest, within a specific period. This practice is commonly seen in personal, business, and financial transactions where one party requires extra capital or resources beyond their current means. It […]
Statutory reporting is the mandatory disclosure of financial and non-financial information by companies and organisations to designated government agencies and regulatory bodies. This legally required practice plays a pivotal role in fostering accountability, safeguarding stakeholders’ interests, and preserving the integrity of organisations. Statutory Accounting Principles or SAP refer to a set of accounting regulations issued […]
Real estate accounting is the typical term for accounting practices focusing on real estate transactions. This type of accounting practice looks at the revenue generated by various properties and the following tax requirements. Whether you work on smaller real estate deals or spend your time negotiating large-scale corporate contracts, maintaining proper accounting recording transactions records […]
Income statement may be presented using the single-step or multi-step approach. A multi-step income statement shows more details and is more commonly used. You can either present a (1) single-step income statement, or (2) multi-step income statement. So you can see that Income Statement Sample – Multiple Step Format provides plenty of details on revenues […]
This will help you how to create an invoice for freelance work track your payments and resolve any disputes that may arise. Tell your client how they can pay you and any specific requirements. Include account details or payment links to simplify the payment process. Confidently Invoice as a Freelancer with Bloom Use consistent sequential […]
At least once a month, compare your records with bank statements. Look for discrepancies like missing transactions or double charges, then fix errors right away. For every transaction, you record two entries—a debit in one account and a credit in another. This method keeps your books balanced and helps catch errors early. Understanding basic bookkeeping […]
My Accounting Course is a world-class educational resource developed by experts to simplify accounting, finance, & investment analysis topics, so students and professionals can learn and propel their careers. Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he […]
Deferrals refer to revenues or expenses that have been received or paid in advance but have not yet been earned or used. For example, a company might pay for a year’s worth of insurance in December, but this would be an expense for the following year. Another example is unearned revenue, where a customer has […]
It is a comprehensive role that includes the tasks of posting journal entries, managing payroll and bank reconciliations, and producing financial statements. Essentially, a full charge bookkeeper is a jack-of-all-trades in the bookkeeping world. While both play crucial roles in financial management, there’s a distinct difference between a full-charge bookkeeper and a Certified Public Accountant […]
Below is a brief listing of key factors that allowed Hacker Accounting to rank as one of the top 10 accountants in Phoenix, AZ for 2017. GCS wants to provide you with the highest quality of service without increasing your overhead costs. This means Certified Public Accountant that this CPA of Phoenix will not try […]
