Even being late by just six days can result in a penalty of 5%. That number only increases the later you report your tax liabilities. If you want to avoid fines, penalties, and compliance audits, it’s best to report in…

Trading assets include those positions acquired by the firm with the purpose of reselling in the near term in order to profit from short-term price movements. Financial liabilities can be either long-term or short-term depending on whether you’ll be paying…

I will not enable or condone destructive behavior that jeopardizes our family’s well-being. This is not an ultimatum, but rather a statement of my commitment to maintaining a healthy and safe environment for myself and our loved ones. It’s a…

Effective bookkeeping plays a pivotal role in maintaining this trust. Clients need assurance that their funds are handled with the utmost care and transparency. A well-maintained ledger is a testament to a firm’s commitment to financial responsibility, instilling confidence in…

The first interest rate is usually a below-market rate, which can make a mortgage more affordable in the short term, but probably less affordable in the long term. If interest rates rise later, the borrower may be unable to bear…

Progress billing is one of the most widely used methods in construction, particularly for long-term projects. It allows contractors to bill clients incrementally based on the percentage of work completed during a specific period. This method is closely tied to…

Content What are the penalties for Benefit Fraud? Written policy and procedures Use tools to avoid timesheet fraud Misclassification of Employees Workers’ compensation fraud Falsification of Time Sheets To protect their payroll process from any fraud scheme, employers must understand…

Content Create a free account to unlock this Template Payment of interest Notes Payable Definition and Example of Notes Payable Related Terms Notes Payable in Accounting: Definition & Examples However, if the balance is due within a year, promissory notes…

Content Impairment- common accounting issues for prepaid rent Example – Journal Entry for Prepaid Salary or Wages Prepaid Rent On The Balance Sheet Prepaid Expenses Example Prepaid expenses represent expenditures that have not yet been recorded by a company as…

I’ve got a total soft spot for small businesses, particularly those started and owned by women and nonbinary people, where the founder is income tax return everything to the business—CEO, general counsel, CMO, CFO. There is so much to be…

Content Prepaid Expenses Guide: Accounting, Examples, Journal Entries, and More Explained Business insurance policy reviews: How often should you check your coverage? Impact of Prepaid Expenses Are Prepaid Expenses Debits or Credits? What Kind of Account Are Prepaid Expenses? Tracking…

Account balances represent financial resources or obligations within a specific account. These balances also have a common classification based on their underlying type. Primarily, it shows the side of the trial balance on which these account balances will go. Ensuring…

Because customers do not always keep their promises to pay, companies must provide for these uncollectible accounts in their records. The direct write-off method recognizes bad accounts as an expense at the point when judged to be uncollectible and is…