CPAs and Future CPAs
The American Institute of Certified Public Accountants, AICPA, webpage has a wealth of information available to those involved in the Accounting profession.
About Intangible Assets 
Intangible assets are a driven factor for organizations. They are categorized as identifiable or undentifiable and externally acquired or internally developed. Accountants and SEC [offsite link]
Accountants Misusing Key Positions 
When the power granted through a key position hits organizations with fraud and wrongdoing. Accounting Principles
Financial Accounting Standards Board FASB is the standard-setting body in the United States responsible for establishing accounting principles, many countries follow this approach. Accounting principles bring meaning and consistency to the financial statements. Accounting Work Sheet
A Work Sheet helps summarize and transfer data from the trial balance to the financial statements. Accounts Receivables' Allowances
Accounts receivables is the result of money owed to a business arising from the sale of goods or the performance of services. Accounts receivables are reported at their net realizable value, which represents the net amount that will be collected. AICPA  [offsite link]
The web page of the American Institute of Certified Public Accountants has a wealth of information available to those engaged in the Accounting profession. Allowance for bad debt expense recording
With the decline in the economy corporations face many difficulties in accesing credit. This in turn undermines their ability to pay bills in time. It becomes a cycle and companies must reflect in their financial statments the net realizable value of their accounts receivable. Analyzing Accounting Transactions
Analyzing accounting transactions involves simple steps that can make a difference in the quality of the financial information. Assets' Cost Recovery Through Depreciation
Depreciation is not a matter of valuation but a means of cost allocation. A monthly allocation of the depreciation expense calculated in a systematic and rational manner takes into consideration the election of the method that best fits an organization.
Awareness on Liability to Clientes
Fulfilling clients' professional expectations, exercising due diligence, and being vigilant in delivering the services agreed upon is the easiest way to avoid liabilities to clients. Big Personality Traits of Accountants
What makes you a successful accountant? Develop winning behaviors and draw others near you. Honesty and integrity should be our hallmark. Break-Even Point Example
Break-Even Point Analysis is very important in a decision making process. This simple example walks you through the process. Budgeting and its Role in Decision Making
A budget is a valuable tool for decision making. Planning and monitoring are essential for the organization's sustainability. Calculating Cash Discounts and Allowances
Taking discounts usually makes economic sense. The true cost foregone when a company does take a discount is high. For example in a 2/10, net 30 it would be 36%. CBIS Impact on Controls and COSO Link
CBIS, is a powerful tool than enhances manual controls over transaction authorization, segregation of duties, supervision, access control, adequate accounting records, and independent verification. COSO ERM Framework activities are deemed to minimize risks through effective controls.
Closing a Business Checklist [offsite link]
Help your clients to be in compliance with laws and regulations. Keep this checklist available and walk them through the process smoothly. Compensated Absences
Forensic accountants review these transactions as unscrupulous individuals commit fraud by reducing expenses related to compensated absences to help companies meet earnings targets and fraudulently fail to disclose in their financial statements the changes in accounting for compensated absences. Cost Behavior Assumptions
Managers need help determining how the cost of resources used changes as the activity output changes. Decision-makers can make processes more efficient. What is the ratio of number of units produced compared to fixed, variable, and mixed costs? Assessing cost behavior takes into consideration the ti Creating Forms in Excel
Never underestimate the usefulness of some of the Excel's features. Creating forms is easy to accomplish and Depreciating Property
An important part of the accounting and tax preparation processes is to properly record expenses and allowances. Depreciation is a major component of the financial statements of organizations that have a large number of fixed assets subject to depreciation. Next articles will address it. EDGAR [offsite link]
Examples of Direct or Indirect Method
The importance understanding the statement of cash flows is never emphasized enough. These explanations and examples will walk you through it. FIFO Versus LIFO Example
The cost flow assumptions vary with the method of inventory used. Learn how it works under the FIFO and LIFO methods. Filling in a series in Excel
The Auto Fill feature helps when quickly filling a series./ Formulas for an Excel Template
If you don't have a sophisticated software package Preparing a simple depreciation schedule in Excel is very straightforward. Follow this approach to get it. From Cash Basis to Accrual Basis
Going from cash-basis accounting to accrual basis accounting requires a clear understanding of this process. Accomplish it with a simple approach. Inherent Risk and Audit Risks
Properly identifying what kind of audit risk is a crucial step in the audit process. Forensic accountants are aware of material weaknesses within organizations which allows them to search beyond financial records when finding facts in an investigation. Leadership Skills for Accountants
Being part of the minority group of successful accountants is attainable as long you combine personality traits with strong desire and flexibility coupled with leadership skills.
Lease Transactions Highlights
Two concepts have to be clearly understood regarding leases: operating lease and capital lease. For a capital lease the lessee records an aset and a liability at the lower of the present value of the minimum lease payments or the fair market value of the leased asset at the inception of the lease. Making up a sustainable financial position
Investors and analysts are deceived by non-standard accounting practices. National Associations of States Boards of Accountancy [offsite link]
Search for regulations concerning the exercise of the Accounting profession.
Requirements for becoming a Certified Public Accountant, CPA. Personal Financial Planners' Challenges
The market volatility requires personal financial planners that provide sensitive and timely advice to those seeking maximization of their resources. What does entail to be a personal financial planner? Pillars of Accounting Information
Relevance and reliability are pillars of accounting information. Every accountant should relate to these two primary qualitative characteristics of accounting information. Predict Financial Outcomes with Excel
Sound investment decisions are based primarily on the potential rate of return that is why when evaluating whether or not to invest the potential rate of return must be carefully analyzed.This is only one way in which What If scenarios can be used. Prenuptial Agreements are Important
Blinded by love future spouses don't even take into consideration the implications of money issues and wealth management. To avioid headaches a pre nuptial agreement should be part of their wedding and estate planning. Preparing Adjusting and Closing Entries
Before financial statment are issued, some accounts have to be brought current through:
Recognition of expenses related to assets
Recognition of revenues related to liabilities
Recognition of expenses incurred but not yet paid
Recognition of revenues earned but not yet received. Recognizing Straight-Line Depreciation
Allocating the depreciable cost of fixed assets during the proper period is the objective of recording the depreciation expense. It recognizes both physical (wear and tear, deterioration, and decay) and functional causes (obsolescence and inadequacy). Recording Partnerships' Transactions
Straighforward guide to record usual transactions related to a partnership. This type of entity has gained acceptance within the business community which means, accountants should know to properly account for its transactions. Recording Transactions in the General Journal
Recording transactions in journals, posting to ledger accounts, and preparing a trial balance are core tasks in which accountants engage in every day. Entering a list of chronological transactions and events in terms of debts and credits into a general jornal is preview to posting a transaction. Reporting Irregular Items
Forensic accountants are hired to verify the reliability of financial information because it is a decisive factor in assessing performance. When unrealistic goals are set many wrongdoing instances are uncovered through financial investigations where forensic accountants are actively involved. Rules of Debit and Credit & Journal Entries
Knowing the normal balance is the side where we record increases, the side that is positive. SEC Final Rule is an Opportunity for Accountants
This final Rule represents an effort to re-gain public confidence. Accountants should be ready for its application. Statement of Cash Flow - Direct or Indirect Method
The indirect method is the most widely used.The direct method is call income statement method while the indirect method is called the reconciliation method. Statement of Cash Flows
These examples and summary will help you to gain a better understanding of both the direct and indirect method. Statement of Cash Flows Example
The primary purpose of the statement of cash flows is to provide relevant information about the cash receipts and cash disbursements of an enterprise during a period. Stockholders' Equity Example
Stockholders' Equity is a key component of the balance sheet. It shows The CPA Journal [offsite link]
The Foreign Market Exchange Education [offsite link]
The US Dept of the Treasury has valuable information about the FOREX, the foreign exchange market. Learn more here! Trial Balance Errors
The trial balance provides the basis por making draft financial statements. This article spells out errors that may affect the trial balance. Correct them always by making entries that leave an audit trail. Usefulness of Managerial Accounting
Managerial accounting is a valuable tool for decision-making. It involves non-monetary data and qualitative elements along with financial information. Links marked with the [offsite link] designation point to websites not associated with BellaOnline.com. BellaOnline.com is not responsible for the material found there.
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