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What Is a CPA? What Does a Certified Public Account Do? Wiley

Sign up and learn how you could get your transcripts sent to WGU absolutely free. You can also practice with a shortened sample test from AICPA, which familiarizes you with the CPA exam software. AICPA’s Exam Blueprints offer an excellent starting point for your test prep. The blueprints walk you through each section of the…Read More→

What is a deposit in transit?

Once you post the journal entries into your company ledger accounts, make sure that the cash account balance is equal to the adjusted balance per cash book shown in the bank reconciliation statement. Bank reconciliation is the process of comparing the balance as per the cash book with the balance as per the passbook (bank…Read More→

How to Calculate Retained Earnings Formula and Examples

Before you can include the net income in your statement of retained earnings, you need to prepare an income statement. The net income amount in the above example is the net profit line item, which is $35,000. The accumulated retained earnings balance for the previous year, which is the first line item on the statement…Read More→

What Is Present Value in Finance, and How Is It Calculated?

$100 today has a present value of $100, but $100 one year from now is worth slightly less, because money loses value over time as prices go up. The present value of $100 one year from now is whatever amount right now, today, is exactly equivalent in value. It is the value in today’s dollars…Read More→

Our Top 10 Picks For Dividend Growth Stocks October 2023

There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. SmartAsset Advisors, LLC (“SmartAsset”), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. SmartAsset does not review the ongoing performance of any…Read More→

Understand inventory assets and cost of goods sold tracking

While current assets reflect short-term revenue projections, fixed assets are purchased to support the organization’s ops. These include machines (for manufacturing goods over the long-term), land, and property. More commonly, fixed assets are called “capital assets.” They’re not intended for sale, but rather, they exist to help the business operate. Some organizations still rely on…Read More→

What is the cost of goods sold?

A business needs to know its cost of goods sold to complete an income statement to show how it’s calculated its gross profit. Businesses can use this form to not only track their revenue but also apply for loans and financial support. Essentially, the higher a company’s COGS is, the lower its gross profit. These…Read More→

How Are Prepaid Expenses Recorded on the Income Statement?

This account includes the total amount of long-term debt (excluding the current portion, if that account is present under current liabilities). This account is derived from the debt schedule, which outlines all of the company’s outstanding debt, the interest expense, and the principal repayment for every period. A balance sheet explains the financial position of…Read More→

Detailed Guide On Accounting Provisions Concept and Types

Provisions in accounting are the money set aside to pay for expected future expenses. As the name suggests, specific provisions are created when specific future losses are identified. Receivables may be logged as such if a certain customer faces serious financial problems or has a trade dispute with the entity. A provision should be recognized…Read More→