Reversing Entries Financial Accounting
Absent a reversing entry, you’d wind up showing a $19,500 expense for the contractor’s work, a mistake that’s sometimes hard to catch. Without a reversing entry, you’d have a $10,000…
Gross Receipts Definition: What are Gross Receipts?
In simple terms, you can trade a service or a good for a service or goods instead of a monetary exchange. When filling a gross receipt, you record bartered goods…
Operating Cycle: Meaning, & How to Reduce the Longer Operating Cycle?
GAAP requires that assets and liabilities must be broken out into current and non-current categories on a balance sheet. This allows the financial statement user to see what assets will be used and…
Net Income The Profit of a Business After Deducting Expenses
In addition, converting between different currencies is up to 80% cheaper than going via traditional routes such as banks. Net income (also called ‘net profit’ or ‘net earnings’) is a…
Houston Bookkeeping, Accounting & Business Tax Service
With Bench, you get a team of real, expert bookkeepers in addition to software. You’ll always have the human support you need, and a mobile friendly platform to access your…
Handbook: IFRS® compared to US GAAP
Except for foreign companies, all companies that are publicly traded must adhere to the GAAP system of accounting. The guiding principle is that revenue is not recognized until the exchange…