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What Is Deferred Revenue: Accounting Principles and Tax Treatment

inDinero Accounting

Terms like “deferred revenue” can confuse non-accountants, but the concept is easy enough. Deferred revenue refers to when customers pay upfront for products or services they will receive later while your accountant recognizes that income over time rather than all at once. Why Use Deferred Revenue Reporting Over Cash Accounting?

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Unlocking the Language of Accounting: Understanding Common Terms

SMBAccountant

Accounting operates within its own language, a system of terms and conventions that serve as the backbone of financial communication and analysis. Cash vs. Accrual Accounting Cash accounting records transactions only when cash changes hands, providing a real-time view of cash flow.

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Common Accounting Mistakes: Government Edition - Issue #7 Accounting for Fixed Price vs Cost Contracts

SMBAccountant

This requires a detailed job costing within an accounting system for which many contractors are not prepared. These oversight bodies are not typically concerned with a contractor’s accounting system during a phase I award because of the fixed price. The accounting system must be able to identify and segregate disallowed costs.

Account 246
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GAAP: What It Is and Why Your Investors Expect It

inDinero Accounting

Accrual Accounting is a vital component of Generally Accepted Accounting Principles (GAAP). Understanding the principles of GAAP accrual accounting can be challenging and daunting; however, with the right guidance, it can be achieved. What are Generally Accepted Accounting Principles (GAAP)?

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Common Accounting Mistakes: Government Edition - Issue #7 Accounting for Fixed Price vs Cost Contracts

SMBAccountant

This requires a detailed job costing within an accounting system for which many contractors are not prepared. These oversight bodies are not typically concerned with a contractor’s accounting system during a phase I award because of the fixed price. The accounting system must be able to identify and segregate disallowed costs.

Account 100
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An Accounting Methods Rundown for Skagit County Businesses

SkagitCountyTaxServices

Before I get into accounting methods basics today (a subject near to my heart) … I hope you were able to get in on some Memorial Day activities this past weekend (though I know some Skagit County business owners are in the thick of things during this commemorative weekend). Pros and cons of accrual accounting.

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How firms can create inclusive workplaces to retain LGBTQ+ accountants

ThomsonReuters

The accounting industry is seeing significant attrition among LGBTQ+ professionals Research commissioned by the Institute of Management Accountants (IMA), the California Society of CPAs (CalCPA), and the International Federation of Accountants (IFAC) revealed a surprising number of LGBTQ+ accountants are leaving their profession.

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