The Accounting Cycle includes all of the documentation that is collected and all of the controls and systems in place to ensure accurate accounting. The Accounting Cycle begins with the point of sale, with documentation for the transaction (invoice or receipt) and the internal expenses and inventory.
There are conventions, controls and systems in place to account for and control the flow of information in a company at each stage of the process to ensure that accounts are as accurate as possible. The Accounting Cycle may refer to the length of time between trial balances, such as monthly, quarterly, or annually.
Most companies now have accounting software that automates the accounting cycle in ways that were not possible in the past. Each step in the cycle should be able to account for itself. Problems with the accounts must be able to be isolated to the step at which they originated.
An options contract starts when the option is exercised, meaning that the option or buy or sell the security is utilized
The debt-to-capital ratio is a measure of a company’s leverage that looks at total debt compared to total capital
Adjusted Gross Income (AGI) is Gross Income (all of an individual’s earnings for the year) minus above-the-line deductions such as retirement plan contributions
Deposits are cash, checks, and electronic transfers that banking customers put into their personal or corporate banks
Each Defined Benefit Plan has its own formula and therefore its own calculations. Strongly based on factors such as age
Unfortunately, having a 529 Plan may affect your child’s eligibility for financial aid in the future
Residents of US Territories will sometimes have to file their taxes with their resident territory as well as the US...
Publication 54 is a guide for those earning income in a foreign country. Several tax deductions might be available
The IRS currently requires that bitcoin and other cryptocurrencies be reported as personal property and capital assets