Contra Account Definition + Journal Entry Examples

Contra asset accounts are typically used for accumulated depreciation, amortisation, and other accounting adjustments. For example, a company might have a contra asset account for depreciation expense and a separate asset account for equipment cost. By reporting contra asset accounts on the balance sheet, users of financial statements can learn more about the assets of […]

How You Define a Going Concern in Business

Management’s going concern assessment may be significantly affected by the current economic environment. For example, a company may have a profitable track record or prior success at refinancing. However, market conditions have changed as a result of COVID-19 – e.g. financing may be significantly more difficult and more costly to obtain now. Similarly, US GAAP […]

What is Capital Stock?

For accountants, capital stock consists of nominal value, which is the par value allocated to the stock during authorization. The par value of the stock or the stated par value is both options for measuring capital stock. The choice between the two is dictated by each individual state’s definition of legal capital. Common stock is […]

What is the Difference Between Bank Balance and Book Balance?

The reconciliation statement allows the accountant to catch these errors each month. The company can now take steps to rectify the mistakes and balance its statements. The source of bank statement entries is cheques deposited by customers, payments made to suppliers by issuing a draft or check. That’s to say, an entry is made […]

Cash Dividends vs Stock Dividends: What’s the Difference?

A company’s board of directors announces a cash dividend on a declaration date, which entails paying a certain amount of money per common share. After that notification, the record date is established, which is the date on which a firm determines its shareholders on record who are eligible to receive the payment. These dividends are […]

The Ultimate Year-End Payroll Checklist 2022

Content Payroll Taxes Develop a Year-End Payroll Checklist to Make Tax Time Easier Gather Essential Information for ACA Reporting Create a log of your business accomplishments: This is especially important this year because companies on a bi-weekly pay period will have 27 total pay periods this year instead of 26. This will affect annual leave […]

‎Zoho Books Online Accounting on the App Store

Content Zoho Directory With Zoho Books We’re convinced there is NO finer product or support team! … Customer Service Zoho Books Accounts Receivable Video Zoho Sprints Is Zoho free? Zoho Desk Mobile App From vendor bills to expenses, manage everything on Zoho Books. I am trying to build a simple application in Zoho Creator where […]

Practical Documentation Of Qras For The R&d Tax Credit

Content How Do I Claim The R&d Tax Credit? History Of The R&d Tax Credit Our Services Products And Services International An Organization Could Be Eligible To Claim The R&d Tax Credit If It: Taxedu While more than 40 states also offer R&D credits, Federal credits get most of the attention. Companies of all sizes […]

How To Do Payroll Accounting Yourself DIY Guide

Content How to Create a Semi-Monthly Invoice With a Bi-Weekly Payroll 8.1 Understanding Resetting Payroll Cycle Steps Hiring Payroll Accountant job description Step 13. Deposit Withheld Taxes The Basics of Payroll Accounting: How to Record Payroll Entries in Your Books 12.8 Revising Multiple Versions of Payroll Journal Entries If you process many interim payments, you can […]

What Are Provisions In Accounting?

Content Provision For Income Tax Calculation Impact Of Fit On Sustainable Growth Rate What Are Deferred Tax Assets And Deferred Tax Liabilities? Accounting Education The Free Online University With 3400+ Accounting Contents As Study Material Which Can Watch, Read And Learn Anyone, Anywhere #2 – Deferred Tax Liabilities – DTL arises when book profit is […]