Small Business Accounting

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What to Watch Out for in a Business Lease

If your business has a physical presence, you’ll most likely negotiate a business contract known as a lease for rental of space to house your business. Be aware that the landlord may use a form lease that [more…]

Making Accounting Adjustments to Reach Profit Potential

Having your business reach a profit is important; if it doesn’t, sooner or later the business will fail. As a business manager, you want to keep a close eye on the financial statements and make the necessary [more…]

Formulas and Functions for Financial Statements

As the business manager, you’re in control of your business’s accounting needs, so you need a strong understanding of the ins and outs of financial statements, including what goes on them and in what order [more…]

Accounting Workbook For Dummies Cheat Sheet

As a business manager, taking care of your company’s accounting needs is top priority. Correctly preparing a financial statement involves knowing all the information that needs to appear on the statement [more…]

Generally Accepted Auditing Standards

The generally accepted auditing standards (GAAS) are the standards you use for auditing private companies. GAAS come in three categories: general standards, standards of fieldwork, and standards of reporting [more…]

The Four Concepts of Audit Evidence

Audit evidence consists of the documents you use during an audit to substantiate your audit opinion. While working on an audit, you encounter many different types of evidence [more…]

Gathering Audit Evidence

While you work on your client’s audit, you gather sufficient appropriate evidence to come to a determination on whatever it is you’re auditing. The methods you use to gather audit evidence aren’t one-size-fits-all [more…]

Auditing For Dummies Cheat Sheet

Auditing is the process of investigating information that’s prepared by someone else — such as a company’s financial statements — to determine whether the information is fairly stated and free of material [more…]

What Is Market Equilibrium?

Buyers and sellers interact in markets. The market equilibrium price, p*, and equilibrium quantity, q*, are determined by where the demand curve of the buyers, [more…]

Overview of Annual Report Elements

Annual reports can be daunting, and you may be relieved to know you don’t actually need to scour every page of one. The following list gives you the big picture on annual reports, from a UK perspective [more…]

How to Make Sense of a Company's Profitability Ratios

When getting to grips with interpreting a company report, you can test a company’s stock market reputation and money-making prowess using the following important formulas. [more…]

How Liquidity Ratios Figure into Company Reports

If a company doesn’t have cash on hand to cover its day-to-day operations, it’s probably on shaky ground. Use the following formulas to find out whether a company has plenty of liquid [more…]

Understanding Cash Flow Formulas

When studying a company report, use the following formulas to make sure a company has plenty of cash to keep operating so you can make a profitable investment decision. [more…]

Bookkeeping Ways to Value Your Stock

Bookkeepers use various methods for valuing stock. Your company must choose one method and follow that method all the time, in order to keep the tax man happy. Four ways in which you can do this are: [more…]

Key Steps in Keeping the Books

Any workflow or work process has its key stages or steps – a part of the process where you must remember to perform a certain action. In bookkeeping, the key steps are as follows: [more…]

Building Blocks of a Bookkeeping System

At the root of any system you’ll find the essential elements that form the basis of that system. In the world of bookkeeping, the three most fundamental building blocks to any bookkeeping system are: [more…]

Flow of Credits and Debits in Double-Entry Bookkeeping

In double-entry bookkeeping, you enter all transactions in the books twice: once as a debit and once as a credit. This chart shows you how debits and credits affect your various business accounts: [more…]

Tracking Cash: Bookkeeping Musts after You Get the Money

Receiving incoming money is all well and good, but as a bookkeeper you need to remember to take certain steps after it arrives. You need to: [more…]

Tips for Controlling Your Business Cash

If keeping the books is your responsibility, the good news is that you can implement the following function separations to control your business cash much more easily: [more…]

Bookkeeping Workbook For Dummies Cheat Sheet (UK Edition)

Bookkeepers are the keepers of the cash and the crucial caretakers of all information about a company’s transactions. Whether you’re an owner keeping the books yourself or you’re an employee keeping the [more…]

How to Perform an Audit in a High-Risk Situation

If an audit engagement is high-risk, you have to sit back, evaluate how the company does business, and think about how material misstatements may slip through the cracks. You then design an extended audit [more…]

How to Become an Auditor

Becoming an auditor is a process that spans quite a few years of your life. First comes the awesome educational requirement. Then you have to pass the Uniform CPA Examination. Depending on the state in [more…]

Types of Auditing Careers

After you pass the CPA exam, you’ll probably be itching to get into the job market to start making some money! Chances are good that with a CPA license in hand, you can choose to do external auditing. [more…]

What Does an Auditor Do?

The goal of a financial statement audit is for you (the auditor) to form an opinion regarding whether those statements are or aren’t free from error. To do so, you use your best professional judgment when [more…]

Who Gets Audited and Why

The types of auditing clients you may encounter and the reasons they require audits are, of course, expansive. As a new auditor, you may not be qualified to conduct some of these audits discussed here, [more…]

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