Do not sign or date the check, as adding a signature could create confusion. If the check has a duplicate carbon copy, ensure the “VOID” marking is also visible on the copy for your records. Think of it like a draft manuscript that has been marked up and rejected by your editor – it’s incomplete … Read more
This educational material brings together the relevant requirements and explains how they might apply to a range of company situations. It is designed to support understanding and consistent application of the Standards but does not change or add to existing requirements. Auditors must maintain an objective and questioning mindset throughout the assessment process. This means … Read more
When done this way, it gives business life in the long run, providing sustained sustenance to business operations, reinvestment of profits, and improvement of shareholder value. Due to the nature of double-entry accrual accounting, retained earnings do not represent surplus cash available to a company. Rather, they represent how the company has managed its profits … Read more
FIFO is often considered a more accurate reflection of a business’s actual costs and is in harmony with generally accepted accounting principles (GAAP). It also aligns well with the physical flow of goods in many retail environments. Inventory is actually considered an asset — something your business owns, which is recorded on your business’s balance … Read more
Declawing is banned or considered unethical in dozens of countries around the world. In the U.S., multiple states, the District humane society of Columbia and more than a dozen cities have banned declawing. Humane World for Animals and HumaneVMA oppose declawing and tendonectomies except in rare cases when it’s necessary for medical purposes, such as the … Read more
An essential step in the transition from accrual to cash basis accounting is converting prior-period sales. Under accrual accounting, sales are recognized when the invoice is issued, regardless of when payment is received. This means sales from prior periods may still appear as accounts receivable in the current financial statements. Petty cash account Customer prepayments … Read more
You must reduce the qualifying expenses by the amount of such expenses allocable to the tax-free educational assistance. Your work-related education expenses may also qualify you for other tax benefits, such as the American opportunity (see chapter 2) and lifetime learning (see chapter 3) credits. You may qualify for these other benefits even if you … Read more