For instance, if a company takes out a ten-year, $8,000 loan from a bank, the assets of the company will increase by $8,000. Its liabilities will also increase by $8,000, balancing the two sides of the accounting equation. With a greater understanding of a balance sheet and how it is constructed, we can review some […]

Trump will have 10 days to come up with the $175 million bond, which is required to stop the New York Attorney General’s assets to seize his assets to enforce the New York civil fraud judgment against him. Sometimes corporations prepare bonds on one date but delay their issue until a later date. Any investors […]

Xero is best if you need a complete startup accounting software solution to manage your books but prefer a more minimalistic and simplistic accounting software for small business. Cloud-based accounting solution QuickBooks Online is tailor toward small to medium-sized businesses. While it offers a ton of financial management features, from basic bookkeeping to advanced reporting, […]

What’s more, internal controls can be circumvented through collusion, where employees whose work activities are normally separated by internal controls, work together in secret to conceal fraud or other misconduct. Internal audit supports management in the effective discharge of their responsibilities. To this end, internal audit accounting internal controls furnishes management with analyses, appraisals, recommendations, […]

Like everything else about bookkeeping and accounting, the accounting cycle is a process that can help you categorize and enter your transactions properly. Using the accounting cycle also helps to ensure that you and your accountant both have a complete and accurate overview of the financial health of your business. Once your transactions have been […]