Category: Bookkeeping

ContentContingent LiabilitiesHow to Avoid Contingent LiabilitiesLow Probability of LossWhere Are Contingent Liabilities Shown on the Financial Statement?Key Differences Between Provision and Contingent LiabilityWhen is a contingent liability recorded? a. When the amount can be reasonably estimated. b. When... We create provisions as a charge against profit so as to meet the loss or decrease in the asset’s value. It is a liability that one can measure with a substantial degree of estimation. Real liabilities payable from an existing appropriation must be recognized at year-end even though the amount may be estimated in whole or part. A contingent liability has to be recorded if the contingency is likely and the amount of the liability can be reasonably estimated. Both GAAP and IFRS require companies to record contingent liabilities. A contingent liability is a potential loss that may occur at some point in the future, once various uncertainties have been resolved. This liability is not yet an actual, confirmed obligation. The exact status of...

ContentFree Financial Statements Cheat SheetWhat is a LIFO Reserve?Business Subjects OfferedCompanyThe use of LIFO reserve in ratios analysis: A company using a non-LIFO method would deduct the LIFO reserve from the inventory if it needs to state the inventory on LIFO basis. The main purpose of LIFO Reserve is to bridge the gap between the costs when using LIFO Method and costs when using the FIFO method. It is the difference between the reported inventory under the LIFO method and the FIFO method. US GAAP allows companies to adopt LIFO cost-flow assumption in inventory accounting but IFRS allows only FIFO and weighted-average methods.Borrower and its Subsidiaries are reporting the value of their inventory under the LIFO method for purposes of GAAP.In a persistently deflationary environment, it is possible for the LIFO reserve to have a negative balance, which is caused by the LIFO inventory valuation being higher than its FIFO valuation.The reserve will drop during years of falling inventory prices or if...

ContentBookkeeping for TruckersTrackbacks/PingbacksBasic Bookkeeping Tips for TruckersOpen A Separate Business AccountKeeping the Books BalancedOur Accounting package Includes With 15 years’ experience in bookkeeping and working with large carriers, brokerage companies, owner-operators and sub-haulers, we understand your needs. With ATBS, a dedicated consultant will walk you through the entire process of preparing and filing your taxes so you can be confident everything is accurate. Our experts provide a subjective score of each software program based on its features, available reports, mobile interface, and popularity. Keeping compliant is as important as finding loads to haul and keeping a well-maintained vehicle. This e-book will tell you how to stay DOT-compliant and will help you decide whether you have time to handle the process yourself or need to hire a service provider for that part of your business. If you decide to hire a compliance service, this e-book will guide you through some of the regulatory and safety questions to help you get the most...

ContentUnderstanding Time Decay – What You Should KnowAdvantages and Disadvantages of Time Decayprojectfinance Options TutorialsMarket IndicatorsSimple Time Decay Example: Intel ($INTC)VegaOptions Strategies: Covered Calls & Covered Puts If the option is out-of-the-money —or not profitable—time decay increases at a faster rate. This acceleration is because as more time passes, the option becomes less and less likely to become in the money. Options time decay can be one of the most insidious forces to lose you money as you buy call and put options. As I mentioned in my options for beginners guide, Time Decay In Options time decay erodes the price of an option over time and is the primary reason why an investor would take the other side of your options trade . Similarly, if you boughtin the money options and the underlying stock remained stagnant, you would see the value of those options decrease gradually until only theintrinsic value is left on expiration day itself. If you have any...

ContentYou, my friend, are the master of payroll taxes!Massachusetts Accelerates Sales Tax RemittanceMassachusetts DOR ResourcesPay a Prize or AwardMassachusetts Issues Guidance on New Pass-Through Entity TaxProShred Security - A New Preferred Supplier for Shredding Services “The public needs to realize that when they send part of their paycheck to the legislators at the Statehouse to spend, they are already the most generous in the country and yet lawmakers still want more,” he said. A hot real estate market, a labor shortage, and a massachusetts income tax rate state budget surplus. Bank products and services are offered by MetaBank®, N.A. The course consists of 62 hours of instruction at the federal level, 68 hours of instruction in Maryland, 80 hours of instruction in California, and 81 hours of instruction in Oregon. As with state taxes on business income, the specifics of a state's franchise tax often depend in part on the legal form of the business.H&R Block does not provide audit, attest or...

ContentCambridge Business PublishersREPORTING FOCUSWhat you’ll learn to do: Describe the difference between financial and managerial accountingResources created by teachers for teachersFinancial and Managerial Accounting DifferencesA solid understanding of accounting principles SmartBook 2.0 fosters more productive learning, taking the guesswork out of what to study, and helps students better prepare for class. With the ReadAnywhere mobile app, students can now read and complete SmartBook 2.0 assignments both online and off-line. For instructors, SmartBook 2.0 provides more granular control over assignments with content selection now available at the concept level. SmartBook 2.0 also includes advanced reporting features that enable instructors to track student progress with actionable insights that guide teaching strategies and advanced instruction, for a more dynamic class experience. Lenders), managerial accounting is focused on internal reporting to aid decision-making. Envoice, a smart capture AI compatible with accounting software, also go a long way in helping collect, store and fee financial data into accounting software. Getting a financial accountant who uses this AI...