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What Is Accounting Anyway?

Anyone who's worked in an office at some point or another has had to go to accounting. They're the people who pay and send ... in business as a profit and loss statement, or an income statement.

in Accounting by Octopixy
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Basic Accounting Principles

Accounting has been defined as, by Professor of Accounting at the University of Michigan William A Paton as having one basic function: ... their own systems for accounting; the result would be chaos!

in Accounting by HairyMagpie
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Accounting Principles

If everyone involved in the process of accounting followed their own system, or no system at all, there's be no way to truly tell whether ... of lives, as in the cases of Enron, Rite Aid and others.

in Accounting by ShowDolphin
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Bookkeeping

So what goes on the accounting and bookkeeping departments? What do these people do on a daily basis? Well, one thing they ... furniture, computers, even the smallest items such as pencils and pens.

in Accounting by GrizzlyFlash
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Profit and Loss

It might seem like a no-brainer to define just exactly what profit and loss are. But of course these have definitions like everything ... these and what income they'll have on a company's performance.

in Accounting by VoyageHooper
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Bookkeeping Basics

Most people probably think of bookkeeping and accounting as the same thing, but bookkeeping is really one function of accounting, while ... the bookkeeping for a fiscal year to a close and summarized.

in Accounting by BeautifulWolf
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Personal Accounting

If you have a checking account, of course you balance it periodically to account for any differences between what's in ... subject to taxes after personal exemptions and deductions are factored in.

in Accounting by FrighteningTwinkles
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Making a Profit

Accountants are responsible for preparing three primary types of financial statements for a business. The income statement reports the profit- ... a company, but management of other assets as well.

in Accounting by Wallaby
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Assets and Liabilities

Making a profit in a business is derived from several different areas. It can get a little complicated because just as in our ... , depending on whether the business has paid with cash or credit.

in Accounting by Falconjurer
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Gains and Losses

It would probably be ideal if business and life were as simple as producing goods, selling them and recording the profits. But ... one-time losses or gains very visible in their income statement.

in Accounting by Emufasa
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Balance sheet

A balance sheet is a quick picture of the financial condition of a business at a specific period in time. The activities of a business ... the close of business on the last day of the profit period.

in Accounting by Celestiger
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Revenue and receivables

In most businesses, what drives the balance sheet are sales and expenses. In other words, they cause the assets and liabilities in ... period and the receivables at the end of the same period.

in Accounting by PositiveVoid
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Inventory and expenses

Inventory is usually the largest current asset of a business that sells products. If the inventory account is greater at the ... can't enjoy growth in revenue without incurring additional expenses.

in Accounting by OpinionOwl
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Depreciation

Depreciation is a term we hear about frequently, but don't really understand. It's an essential component of accounting however. ... business's fixed assets, then the higher its depreciation expense.

in Accounting by TrustyKitty
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Depreciation reporting

In an accountant's reporting systems, depreciation of a business's fixed assets such as its buildings, equipment, computers, etc ... That occurred when the business invested in those tangible assets.

in Accounting by SleepyFledgling
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Investing and financing

Another portion of the statement of cash flows reports the investment that the company took during the reporting year. New investments ... flows. These are reported as gross figures, rather than net.

in Accounting by GroundHurricane
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Building Cash Reserves

Building a financial cushion for your business is never easy. Experts say that businesses should have anywhere from six to nine ... rather than discovering your losses five or six months too late.

in Accounting by SwiftHeroine
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Managing the Bottom Line

If you don't keep track of how much money you're making, you have no idea whether your business is successful or not. You can't tell ... have gone under for this very reason -- don't be one of them.

in Accounting by Sumogre
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What is the FASB?

The FASB is one organization that provides standardized guidelines for financial reporting. The mission of the Financial ... nature and limitations of information supplied by financial reporting.

in Accounting by Mosquiche
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What are auditors?

Accountants and auditors help to ensure that the Nation's firms are run efficiently, its public records kept accurately, ... , financial institution examination, or budget analysis and administration.

in Accounting by Tabooccaneer
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What is forensic accounting?

Forensic accounting is the practice of utilizing accounting, auditing, and investigative skills to assist in legal matters. It ... Accounting Masters Degree link on the left-hand navigation bar.

in Accounting by Sassassin
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Who uses forensic accountants?

Forensic accounting financial investigative specialists work with financial information for the purpose of conveying complicated issues in a ... visual aids and written summaries for use in court.

in Accounting by GamerAlpaca
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Disclosure

Financial statements are the backbone of a complete financial report. In fact, a financial report is not complete if ... disclosure standards adopted by the International Accounting Standards Board.

in Accounting by MysteryWasp
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What is financial window dressing?

Financial managers can do certain things to increase or decrease net income that's recorded in the year. This is called profit ... expense this year is balanced by more expense the next year.

in Accounting by GreedySmile
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Budgeting

Ugh, budgeting is one of those topics we'd rather avoid, but in business, it's an absolute necessity. To prepare a ... in the budgeting process but also help managers in making strategic decisions.

in Accounting by BumblingBee
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Types of Costs

Direct costs are those costs that cann be directly attributed to a product or product line, or to one source of sales revenue, or one ... those costs that were incurred in the past. The money's gone.

in Accounting by Herogue
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Measuring Costs

Measuring profits or net income is the most important thing accountants do. The second most important task is measuring ... usually largest expense deducted from sales revenue in measuring profit.

in Accounting by Dingopher
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Parts of an Income Statement, part 1

The first and most important part of an income statement is the line reporting sales revenue. Businesses need to be consistent ... you report it before or after any collection efforts are exhausted?

in Accounting by Butcherry
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Parts of an Income Statement, Part 2

Of course profit and cost of goods sold expense are the two most critical components of an income statement, or at least ... sales revenue and expenses and how the accounting methods are implemented.

in Accounting by PlaySeal
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Parts of an Income Statement, Part 3

While some lines of an income statement depend on estimates or forecasts, the interest expense line is a basic equation. When accounting ... continuum that's either left or right of center of GAAP.

in Accounting by ForceSoldier
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How to analyze a financial statement

It's obvious financial statement have a lot of numbers in them and at first glance it can seem unwieldy to read and understand. One ... grocery stores will show profit ratios of only 1 to 2 percent.

in Accounting by UncleRhino
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What is earnings per share

Publicly owned companies must report earnings per share (EPS) below the net income line in their income statements. This is ... , acquisition or divestiture will also impact the formula for EPS.

in Accounting by HairySeahorse
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What is price/earnings ratio

The price/earning (P/E) ratio is another measurement that's of particular interest to investors in public businesses. The P/E ... stock or might be based on an optimistic forecast by investors.

in Accounting by MagicalCyborg
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What's the difference between private and public company reporting

A public corporation is a business whose securities are traded on the public stock exchanges, such as the New York Stock Exchange ... reader to a more detailed SEC financial report for more specifics.

in Accounting by HarshThunder
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What are other ratios used in financial reporting

The dividend yield ratio tells investors how much cash income they're receiving on their stock investment in a business. This ... means its current assets should be twice its current liabilities.

in Accounting by Knighthawk
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What is acid test ratio and ROA ratio?

Investors calculate the acid test ratio, also known as the quick ratio or the pounce ratio. This ratio excludes inventory and prepaid ... tax was earned on the total capital employed by the business.

in Accounting by Scorpeon
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What are independent auditors?

Indpendent CPA auditors are like referees in the financial reporting arena. The CPA comes in, does an audit of the business ... guilty of obstruction of justice because it destroyed audit evidence.

in Accounting by Knighttime
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What is accounting fraud?

Accounting fraud is a deliberate and improper manipulation of the recording of sales revenue and/or expenses in order to make a ... 's balance sheet. Its profit, therefore, would be overstated.

in Accounting by Octopuppy
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What does an audit do?

If a business breaks the rules of accounting and ethics, it can be liable for legal sanctions against it. It can ... on the financial statements prepared from the accounts of the business.

in Accounting by SilkPredator
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What does an audit report contain?

Most audit reports on financial statements give the business a clean bill of health, or a clean opinion. At the other end of the ... concern, these doubts are spelled out in the auditor's report.

in Accounting by nicejone
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