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Preparing the Books for a Small Business

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Permanent Differences in Tax Accounting

A temporary difference eventually smoothes itself out over time, but permanent differences won’t ever be the same in terms of book versus tax. A permanent difference [more…]

How Tax Deferrals Work

If a company has any sort of temporary difference, it has to report on its financial statements any deferred tax effect due to the temporary differences. So the company has to figure out the tax effect [more…]

The Asset-Liability Method of Interperiod Tax Allocation

Interperiod tax allocation means you recognize the tax effect of accounting events in the years in which the events are recognized for financial reporting purposes. By doing this, you’re matching income [more…]

How to Identify Intangible Assets

You’re probably somewhat familiar with intangibles from other accounting classes you’ve taken. However, your intermediate accounting textbook takes a slightly difference approach to the discussion by dividing [more…]

Goodwill As an Intangible Asset

Goodwill as an intangible asset emerges only during the purchase of a business for a price greater than the fair market value of the net assets acquired during the sale. For many assets, like cash, the [more…]

Best Bookkeeping Practices to Help You Manage Your Business

Regardless of the size of your business, efficient bookkeeping practices are essential to keep any business running smoothly. Here are some helpful hints to help you streamline your bookkeeping process [more…]

The Nuts and Bolts of Bookkeeping

Every bookkeeping system has a few consistent elements. Here is a list of what your business requires to ensure that it’s bookkeeping by the book: [more…]

How to Prepare Part 3 of a Cost of Production Report

In Part 3 of a cost of production report, you determine the total costs that were assigned to the department, including the cost of any beginning inventory; the cost of goods transferred from other departments [more…]

How to Keep Process Costing Books

Before getting into the nitty-gritty of process costing, you may benefit from reviewing a few basics — namely, how to use debits and credits, how to keep track of the costs of goods that you make and sell [more…]

How to Prepare Part 1 of a Cost of Production Report

In managerial accounting, inventory that comes into a production department must do one of two things: stay in the department or, when complete, move on to the next department. The same holds true for [more…]

How to Prepare Part 2 of a Cost of Production Report

The second part of the cost of production report accounts for the units that the first part indicates the department is responsible for. During April, the Balloon department finished working on 1,900 clowns [more…]

How to Prepare Part 4 of a Cost of Production Report

Part 4 of the cost of production report requires you to compute the costs accounted for, also called the cost reconciliation schedule. This schedule computes the cost of goods transferred out [more…]

Financial Accounting and Reporting by Government and Not-for-Profit Entities

The world of financial accounting and reporting can be divided into two hemispheres: for-profit business entities and not-for-profit entities. Accounting and financial reporting standards have also evolved [more…]

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