To learn more, check out CFI’s free Accounting Fundamentals Course. Whether you opt for a quarterly, annual, or monthly accounting period, make sure it’s consistent. The primary purpose of the accounting period concept is to streamline re... Read more
Examples of the kind of assets that impact this kind of amortization are goodwill, a patent or copyright. Depreciation is used to spread the cost of long-term assets out over their lifespans. Like amortization, you can write off an expense over a lon... Read more
Jennifer Mansfield, CPA, JD/LLM-Tax, is a Certified Public Accountant with more than 30 years of experience providing tax advice. There is an IRS tool that you can use to calculate your own standard deduction. Within about five minutes, you’ll ... Read more
Both suppliers and vendors supply goods and services to a company, but there are minute details that make each one a stand-alone term. Between the moment a product is made and when a customer buys it, the product travels through people and businesses... Read more
However, an enrolled agent is a federally-authorized tax practitioner rather than a state-licensed professional. An enrolled agent can provide tax consultations, file federal and state returns, and represent taxpayers to the IRS in an audit. NAEA mem... Read more
Although you can prepare a trial balance at any time, you would typically prepare a trial balance before preparing the financial statements. A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list... Read more
This allows organizations to identify errors, mistakes and pitfalls which can be remedied quickly and prevent larger issues in the future. The variance explanations should be as detailed as possible. Suitable explanations will provide details of WHY ... Read more
TheBlackLine Account Reconciliations product, a full account reconciliation solution, has a prepaid amortization template to automate the process of accounting for prepaid expenses. It stores a schedule of payments for amortizable items and establish... Read more
When a project has been proposed, it must first go through a preliminary analysis in order to determine whether or not it has a positive net present value using the MARR as the discount rate. The MARR is the target rate for evaluation of the project ... Read more
The entry-level jobs are that of a cashier, stocker, and custom framer. A part-time employee usually gets 35 hours or less of work hours every week. A full-time worker at Hobby Lobby is supposed to be given at least 36 hours of work every week. Depen... Read more
