Category Archives: Bookkeeping

GAAP: Understanding It and the 10 Key Principles

Content Principle of Prudence How GAAP Works Principle 6: Full disclosure principle Best Accounting Software for Small Businesses Who Developed GAAP? Principles Governmental Accounting Standards Board Applications in Financial Analysis Investors should be skeptical about non-GAAP measures, however, as they can sometimes be used in a misleading manner. If not for GAAP, investors would be […]

SOLVED:Which of these accounts is never closed? A Dividends B. Retained Earnings C. Service Fee Revenue D. Income Summary

Provide an explanation to give to the CEO about what the entries reveal about the company’s operations this year. Provide the web link to the company’s Form 10-K, to allow accurate verification of your answers. LO 5.3Describe the calculation required to compute the current ratio. Baseline pay is 9.00 an hour, but many of the […]

Accounting Advisory Services

Content What Advisory Can Do for You How advancements in technology can impact your firm’s profitability Advisory Support Financial Services Living your purpose: A roadmap to integrated thinking and reporting Connect with our Financial Accounting Advisory Practice Laying the foundation for advisory services Marcum understands the unique challenges colleges, universities and academic medical centers are […]

Correlation Coefficients: Positive, Negative, and Zero

When talking about bivariate data, it’s typical to call one variable X and the other Y (these also help us orient ourselves on a visual plane, such as the axes of a plot). Simplify linear regression by calculating correlation with software such as Excel. For example, assume you have a $100,000 balanced portfolio that is […]

Accounting for a Retail Store: An Ultimate Guide for Your Store

It equals the cost of your beginning inventory plus the cost of your purchases minus your cost of goods sold. To calculate ending inventory on March 31 using the retail value method, add the cost of your beginning inventory and purchases during the period to get the total available for sale. The last-in-first-out (LIFO) cost […]

What Is Project Accounting? Principles, Methods & More

Content Cost Recoverability Track Your Project Expenses Closely Tip #3: Create financial reports regularly Revenue recognition Elevating the Workflow of an Agile IT Services Firm Collecting Payment & Accounting Project accounting tips & best practices Project accounting makes creating project reports much easier, as they follow every minor and major expense a project has to […]

Understanding Accounts Payable: Is It A Debit Or A Credit?

Content Permanent and Temporary Accounts Accounting Principles I Commonly accepted normal balance for Credit (CR) accounts Tim is a Certified QuickBooks Time (formerly TSheets) Pro, QuickBooks ProAdvisor, and CPA with 25 years of experience. He brings his expertise to Fit Small Business’s accounting content. Book this 30-min live demo to make this the last time […]

What Is An Outstanding Check? Definition Meaning Explanation

Content Open a business Finance Open a Huntington Checking Account What Does Outstanding Checks Mean? You can ask if they’re willing to deduct the stop payment fee from the original amount. Balancing your checkbook is akin to what professional accountants do during reconciliation. It’s a way of making sure that you and your bank agree […]