General Accounting Tips

  • Explaining the Concept of Going Concern in Accounting

    Imagine yourself walking into your local bank. With business plan neatly tucked away in your briefcase, you recall the long hard hours it took you to put it together. The small business loan you are about to apply for will determine whether your business...
    By Alice Rovney May 22, 2011 

  • General Ledger Applications That Will Make Your Life Easier

    If you've been wanting to go electronic with your business's general ledger, you may be looking at software to meet your needs. However, because there is so much software available, it is easy to get overwhelmed and lost. Navigate the available...
    By Ronda Bowen May 21, 2011 

  • Basic Accounting Rules for Depreciation

    Confused about depreciation on fixed assets? Depreciation is simply the calculation of wear and tear on assets and is reported annually on your financial statements and utilized as a business expense when submitting tax returns. Learn the most common...
    By Jean Scheid May 21, 2011 


  • Age-Life Method of Depreciation: Explanation & Examples

    The age-life method of depreciation determines the effective age of an asset for the purposes of calculating depreciation. The effective age differs from the actual age because it is based on the amount of wear and tear that the asset has sustained during...
    By Peter Hann May 20, 2011 

  • What Are Operating Reports and Charts of Accounts?

    In the financial accounting world, depending upon the size of your business, you may wonder, what are operating reports and charts of accounts and are they different or the same? While they both connect, they can serve a different purpose, especially...
    By Jean Scheid May 20, 2011 

  • US GAAP vs. International GAAP

    SEC has mandated the convergence of US GAAP and IFRS-GAAP. Proponents of the reporting standards state that the major difference between US GAAP vs. International GAAP is the latter’s concern with fewer details. As a result, issues have been raised...
    By ciel s cantoria May 20, 2011 


  • Reconciling Inventory Accounts With Adjusting Entries

    Both beginning and ending inventory amounts are crucial figures that affect a number of other financial metrics. To make sure these values are as accurate as possible, adjusting entries for closing inventory may be needed.
    By madel57 May 20, 2011 

  • Lost on Account Reconciliation?

    While some individuals believe the meaning of reconciling an account involves fiddling with numbers and forcing two accounts to add up properly, this is not the case. In fact, it is important that companies and accountants work carefully to properly reconcile...
    By Ronda Bowen May 19, 2011 

  • What Are Accounting Audit Irregularities in Financial Statement Fraud?

    The context of accounting irregularities is broad, which includes unintentional errors that result in immaterial effects. This article provides explanations as answer to a more specific question: "What are accounting/audit irregularities in...
    By ciel s cantoria May 19, 2011 

  • Explaining T Accounts With Working Examples

    These examples of T accounts show how the accounting tools are used to figure out the effects of multiple accounting entries involving related accounts. The “T” shape simulates the appearance of the debit and credit sections of a ledger page...
    By ciel s cantoria May 19, 2011 
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