Depreciation represents the loss in value of fixed assets like machinery and equipment as they wear down over time. Product costs are directly tied to creating a product and are inventoried until sold. Period costs, however, are not directly related […]
When I get there I will have to present the checks to the bank, wait for them to call the issuing party to approve them and IF they get back to the bank in a timely manner I can get […]
Thereafter, an accountant can create financial reports from the information recorded by the bookkeeper. The bookkeeper brings the books to the trial balance stage, from which an accountant may prepare financial reports for the organisation, such as the income statement […]
The content on this site is not intended to provide legal advice or create an attorney-client relationship. Viewing or interacting with this website does not establish such a relationship between you and our firm. I’ve worked with David a number […]
A CPA can offer expert guidance on compliance and accurate financial reporting, streamlining the transition process. For more in-depth information, read our guide to SaaS revenue recognition under ASC 606. For personalized support, schedule a demo with HubiFi to discuss […]
The provisions in ISA 570, Going Concern deal with the auditor’s responsibilities in relation to management’s use of the going concern basis of accounting in the preparation of the financial statements. One of the most significant contributions that the going […]
Adjustments to the Allowance account are reported on the income statement as bad debts expense. This technique categorizes outstanding invoices by how long they have been overdue, typically into time buckets like 0-30 days, days, and over 90 days. A […]
