For example, some jurisdictions may allow the amortization of certain intangible assets, although land and indefinite life intangibles remain exempt from depreciation. Generally Accepted Accounting Principles (GAAP) provides a comprehensive set of rules for financial reporting in the United States. Under GAAP, only tangible assets with a limited useful life […]
Bookkeeping
These types of entries also show a record of an item leaving your inventory by moving your costs from the inventory account to the cost of goods sold account. • To enable this process, the event team needed to be certain its new ticket verification application was easily installed and […]
We’d love to help you analyze your expenses, optimize your pricing strategy, and unlock your business’s full potential. Let’s build a smarter, more profitable future for your business together. Let’s look at an example of fixed and variable expenses to see how they work in the real world. Making informed […]
Most firms will need three business bank accounts at a minimum—checking, savings, and a separate IOLTA or trust account. Without the proper business bank accounts, you risk inaccurate bookkeeping, messy records, and potential compliance violations regarding trust funds. To ensure your firm’s financial statements are accurate, complete, and up-to-date, you […]
This means the amortization schedule accounts for the time value of money, and the interest expense recognized each period reflects the bond’s current carrying value. Since this method uses the bond’s market yield at issuance and assumes the bond will not be called, the amortization is evenly spread but changes […]