Bookkeeping

For a discussion of activities that aren’t considered rental activities, see Rental Activities in Pub. Business can use some discretion in applying the above methods or internal use, but the IRS specifies how they will calculate depreciation when filing tax returns. This method is usually the Modified Accelerated Cost Recovery System. It assigns asset to …

Depreciable Property: Meaning, Overview, FAQ Read More »

Choosing the right method for your business is an important task that should not be taken lightly. When it comes to businesses, having the correct methodology in place can mean the difference between success and failure. The courts of some states have permitted reformation of trusts in order to qualify as QSST’s (See, for example …

Accounting for Purchase Discounts: Net Method vs Gross Method Read More »

You can easily become a stockholder just by purchasing the stocks of that particular company. You don’t need to buy anything apart from buying stocks of that company. A stakeholder is anyone that has an interest or is affected by a corporation or other organization. In other words, a stockholder isn’t the only party having …

Stockholders’ Equity: What It Is, How to Calculate It, Examples Read More »

If you’re looking for accounting software that can help you better track your business expenses and better track notes payable, be sure to check out The Ascent’s accounting software reviews. There is always interest on notes payable, which needs to be recorded separately. In this example, there is a 6% interest rate, which is paid …

Notes Payable Definition + Journal Entry Examples Read More »

Many bookkeeping services in the city leverage automation and artificial intelligence to streamline processes. Technology integration not only reduces the margin for error but also frees up human resources to focus on strategic financial planning. In a city where time is of the essence, technological integration’s efficiency becomes invaluable. Beth Peerless, Where it’s at: An …

The 10 Best Bookkeepers in Los Angeles, CA with Free Quotes Read More »

Performance management can be more meaningful as actual results can be easily compared to flexed results – total variances can then be calculated for each revenue and cost. Flexible budgets have a reputation for being more time-consuming than other budgeting models. That’s because flexible budgets require continual upkeep and maintenance — you’re constantly having to …

10 4 Flexible Budgets Financial and Managerial Accounting Read More »