Write-off Definition & Meaning

When an asset’s value is reduced instead of eliminated, this is called a write-down. A https://accounting-services.net/bookkeeping-pomona/ usually occurs at once, rather than being spread over several periods, since it is usually triggered by a single event that should be recognized immediately. This reflects the conservatism principle in accounting, where losses are to be recognized as […]

How to Calculate Working Capital: 7 Formulas to Know

Content Add Up Current Assets Current ratio (working capital ratio) Power your business with Square Add up current liabilities Understanding working capital Using the ABC inventory analysis method to classify inventory items according to their importance. Using financial KPIs can prove very useful to find reliable partners and customers. Browse hundreds of articles, containing an […]

What are Retained Earnings? Guide, Formula, and Examples

Content Ready to calculate your retained earnings? Assets vs. Liabilities & Revenue vs. Expenses Retained Earnings vs Net Income Investment Retaining vs Paying the Retained Earnings What is included in a statement of retained earnings? While your bottom line and retained earnings are related, they are distinctly different. Is the concept that money today is […]

Unqualified Opinion UWorld Roger CPA Review

Content Examples of Unqualified Opinion of Auditor Unqualified Opinion vs. Other Opinions Steps in Writing an Audit Report Types of Audit Opinions to the Auditor’s Unqualified Opinion Unqualified Opinion – Clean Report The qualified opinion may be less significant if it stemmed from a single transaction instead of ongoing business practices. Ideally, the company will […]

Do You Owe the IRS? What to Do if You Can’t Pay Tax Debt

Content Official IRS Alternatives to Paying Taxes in Full or Late The federal tax return filing deadline for tax year 2022 is April 18, 2023 What to Do If You Can’t Pay Your Taxes Here are some other ways may to get help with your house taxes If the town has sent it to you, […]

The 8 Important Steps in the Accounting Cycle

Content Step 4: Calculate the Unadjusted Trial Balance Reversing Entries Boundless Accounting Modifying the accounting cycle Calculate an unadjusted trial balance. Understanding the 8-Step Accounting Cycle This gives the bookkeeper the ability to monitor balances and positions by account. An example of an account in the general ledger is the cash account which shows the […]