As the identification process of the accounts is simple, it is easier to analyze and control the costs of a company. The chart of accounts encourages the use of the consistency principle which helps a company with the assistance of comparing financial reports of previous years. One other advantage of the chart of accounts is […]
Also, this outflow of cash would lead to a reduction in the retained earnings of the company as dividends are paid out of retained earnings. Retained earnings refer to the residual net income or profit after tax which is not distributed as dividends to the shareholders but is reinvested in the business. Typically, the […]
Long-term liabilities are financial obligations of a company that are due more than one year in the future. The current portion of long-term debt is listed separately to provide a more accurate view of a company’s current liquidity and the company’s ability to pay current liabilities as they become due. Long-term liabilities are also …
CPAs generally earn more than EAs, but that could vary depending on where you fall on the career ladder. An EA with many years of experience could earn more than a CPA who is only in their first year or two in practice. However, if you are a CPA, your income will certainly outpace that […]
I got none of the services I paid for from them. A bookkeeper is a person who is employed to keep the records and financial affairs of a business. Bookkeepers are responsible for some of an organization’s financial information, which is generally known as the General Ledger of a company. They record any debits or […]
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