Category Archives: Bookkeeping

which of the following accounts will be closed by debiting the income summary account 1

Girl, Interrupted film Wikipedia Before Susanna is released, Lisa is apprehended and returned to Claymoore. She steals Susanna’s diary one night and reads some of the entries to Georgina and Polly in the tunnels, attempting to turn them against Susanna. After reading an entry in which Susanna feels sympathy for Lisa being a cold, dark […]

understanding depreciation and balance sheet accounting 4

AI Crypto Trading Bots: Navigating the Digital Frontier This app allows you to manage and adjust your best Crypto Trading Bot directly from your smartphone or tablet. This app allows you to manage and adjust your best directly from your smartphone or tablet. External news and sentiment can drown out technical indicators, leading to sudden […]

Unrelated Business Income Tax Requirements 2

Private foundations Internal Revenue Service It’s defined as income from a trade or business, regularly carried on, that isn’t substantially related to the organization’s exempt purpose. The IRS considers raffles to be a form of gaming, which is a trade or business. If you routinely hold raffles, it’s possible the raffles could be considered “regularly […]

Top 3 Concepts of Capital Maintenance in an Enterprise

The de minimis safe harbor is simply an administrative convenience that generally allows you to elect to deduct small-dollar expenditures for the acquisition or production of property that otherwise must be capitalized under the general rules. If you have an applicable financial statement (AFS), you may use this safe harbor to deduct amounts paid for […]

horizontal and vertical analysis 9

Vertical and Horizontal Analysis: Why the Difference Matters The more periods you have to compare, the more robust your data set will be, and the more useful the insights gathered. You can find the balance sheets for public companies by searching the Securities and Exchange Commission database. Privately held companies often publish their financials in […]

Is The Matching Concept Related To The Cash Accounting Or The Accrual Accounting For A Business 2

Cash vs Accrual Accounting: Which Method Is Right for Your Business? This principle, known as the revenue recognition principle, prevents the distortion of financial results and provides a more accurate representation of a company’s income. Together with the time period assumption and the revenue recognition principle the matching principle forms a necessary part of the […]

Financial Management Strategies for Contemporary Law Firms

A lack of training for staff involved normal balance in accounting can result in mistakes that can damage the firm’s financial integrity. When the staff is not equipped with the right knowledge and practices it can result in errors leading to financial mismanagement and compliance issues. Inconsistent billing practices can confuse your clients and hinder […]

Entering Journal Entries To Intercompany Accounts 2

What are the journal entries for an inter-company loan? In an AICJE, adding an intercompany account to a journal line automatically sets the Eliminate flag for the line to Yes. This setting defaults from the value set for the Eliminate Intercompany Transactions box on the intercompany account record. Advanced intercompany journal entries force you to […]