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An Essential Guide to Accounting and Basic Accounting Principles for Beginners

Snyder

It can be hard to keep up with new opportunities and technologies in our rapidly changing and evolving world, especially in a professional field such as accounting. Why is accounting important? What are basic accounting principles? What is accounting software?

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What the Generally Accepted Accounting Principles (GAAP) Mean to Your Business

GrowthForceBlog

Accounting & Bookkeeping7 min read. You know the drill- as a small business owner, you find yourself constantly juggling responsibilities (with what seems like no end in sight).

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Is an Accounting Major Too Hard? A Thread

Going Concern

Is accounting too hard? That is the question posed by Dr. Josh McGowan, CPA on Twitter: Is the accounting major too difficult? At many universities, accounting courses (especially Principles I & II) have some of the lowest GPAs compared to other disciplines.

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Why You Should Put Profit First

DuctTapeMarketing

Questions I ask Mike Michalowicz: Why do you need to account for profit first? What are the basic accounting principles of a profit first formula?  Services Online Audit. Strategy First. Marketing Training for your team. Website Review. Local Marketing System. Professional Services Marketing. A la carte SEO. Websites. Pay Per Click. Guides Local Marketing. Professional Services. Consulting Business. Marketing Strategy Plan. Content Marketing. Customer Journey.

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Global Accounting Principles and Commission Capitalization

Speaker: Ryan Dillard, Chief of Staff Director at CBIZ ARC Consulting LLC; Kelly Hicks, Global Controller at Airbase

Join us for this webinar, where Airbase Controller Kelly Hicks and Ryan Dillard, a Director at CBIZ ARC Consulting, explore how to approach capitalizing global sales commissions.

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Top 5 Accounting Problems & Solutions

IgniteSpot

What causes accounting problems? Your accounting software, fraudulent activities, internal controls, and misapplication of generally accepted accounting principles (GAAP) may be to blame.

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Benefits of GAAP

SMBAccountant

The benefits of following GAAP for Small Business: Many small business owners shy away from anything associated with Generally Accepted Accounting Principles (otherwise known as GAAP) thinking they apply only to large publicly held organizations.

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Putting a Price Tag on Intangible Assets

RogerRossmeisl

Generally Accepted Accounting Principles (GAAP). Intangible assets — such as patents, copyrights and trademarks — are essential to the operations of many companies, but they’re rarely reported on the balance sheet.

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The Cost Approach to Valuing a Business

RogerRossmeisl

Generally Accepted Accounting Principles (GAAP), assets are recorded at historic cost. The cost (or asset-based) approach to valuing a business focuses on the balance sheet. This financial statement reports “book values” for the company’s assets and liabilities.

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Governmental Accounting Standards Update: 8/31/20

Katz,Sapper&Miller

The Government Accounting Standards Board (GASB) regularly issues GASB Statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S.

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Standards Update: 10/30/20

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

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Governmental Accounting Standards Update: 5/12/20

Katz,Sapper&Miller

The Governmental Accounting Standards Board (GASB) regularly issues GASB statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S.

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Standards Update 6/5/20

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP

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Standards Update 5/20/20

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP

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Common Accounting Mistakes: Government Edition - Issue #11 What is GAAP?

SMBAccountant

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required.

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Standards Update: 12/17/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).

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Changes to Lease Accounting Rules (ASC 842)

SMBAccountant

New rules are going into effect for lease accounting which may change how small businesses who follow Generally Accepted Accounting Principles (GAAP) think about and reporting leases.

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Standards Update: 5/29/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued

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Standards Update: 11/26/18

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP

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How to Record the Purchase of an Asset in QuickBooks Online?

FusionCPA

You need to be careful when it comes to your real estate investment firm accounting. Along the way, you’ll realize several real estate accounting principles and rules that should be incorporated throughout your entire process

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Standards Update: 2/27/18

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted (GAAP) in the United States. Below are select ASUs that were recently issued

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Changes to Manufacturing Lease Accounting

Katz,Sapper&Miller

That means nearly all of these businesses will be impacted by the Financial Accounting Standards Board’s (FASB) update to the accounting standards for leases under generally accepted accounting principles in the United States (GAAP).

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Accounting Treatment for PPP Loans

Katz,Sapper&Miller

The AICPA recently issued nonauthoritative guidance addressing how nongovernmental entities should account for PPP loans as there is no authoritative guidance for business entities related to this type of transaction in Accounting Principles Generally Accepted in the United States (GAAP

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Accounting Update for Not-for-Profit Entities: Leases

Katz,Sapper&Miller

In February 2016, the Financial Accounting Standards Board (FASB) issued one of the most sweeping changes to generally accepted accounting principles in the United States (GAAP) – Accounting Standards Update (ASU) No.

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Standards Update: 8/22/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below is a select ASU that was recently issued

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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.

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Common Accounting Mistakes: Government Edition – Issue #3 Policies and Procedures

SMBAccountant

When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars. Accounting policies and procedures can reach into almost every department, area, or responsibility, so they need to be communicated and monitored often.

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What You Should Expect from Your CPA During an Audit |For Privately Held Companies

LSLCPAs

Most CPA firms perform audits in accordance with Generally Accepted Accounting Principles (GAAP). You’ve just been told you need an audit by your banker to satisfy covenants, or your Board of Directors is requiring that an audit be performed.

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Governmental Accounting Standards Update: 4/24/19

Katz,Sapper&Miller

The Governmental Accounting Standards Board (GASB) regularly issues GASB statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S.

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Standards Update: 2/25/19

Katz,Sapper&Miller

The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued. This update covers ASU 2018-18, 2018-19, and 2018-20

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Looking Ahead: ASUs Effective for Fiscal Years Beginning After 12/15/18

Katz,Sapper&Miller

As 2018 comes to a close, it’s time to look ahead to the many changes in generally accepted accounting principles in the United States (U.S. The following summarizes accounting standards updates (ASUs) which are effective for fiscal years beginning after Dec. GAAP) that will become effective for 2019 calendar year ends. 15, 2018 for most nonpublic companies

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The Auditor’s Opinion

Withum

All publicly owned companies must have audited financial statements that contain a report of the registered independent accounting firm performing the audit. The independent registered public accounting firm’s report is the only thing the firm does.

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Revenue Recognition Changes Are Here. Is Your Manufacturing Company Ready?

Katz,Sapper&Miller

In recent years, the Financial Accounting Standards Board (FASB) received feedback that revenue recognition guidance was fragmented at best, confusing at worst. In response to this feedback, the FASB issued Accounting Standards Update (ASU) No. Generally Accepted Accounting Principles (U.S. This is significant considering revenue is the key measurement used to determine a manufacturing company’s performance.

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Why Should Skagit County Businesses Care About FASB and GAAP?

SkagitCountyTaxServices

Though it’s not the main thing I’ll be writing about today, I did want to point out this economic elephant in the room for my Mount Vernon business owner readers and clients, and not just speed on by and into my accounting geekery. Principles.

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Common Accounting Mistakes: Government Edition – Issue #3 Policies and Procedures

SMBAccountant

When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars. Accounting policies and procedures can reach into almost every department, area, or responsibility, so they need to be communicated and monitored often.

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Revenue Recognition for SaaS Companies

Shay CPA

On a cash basis of accounting, the revenue would be recorded in January 2022. To provide a clearer picture, according to generally accepted accounting principles (GAAP), the company should use accrual-based accounting. You get that with accrual-based accounting.

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Shifting Lanes: How Updated Lease Accounting Standards Are Affecting Dealerships

Katz,Sapper&Miller

That means nearly all auto dealers will be impacted by the Financial Accounting Standards Board’s (FASB) update to the accounting standard for leases under U.S. generally accepted accounting principles (GAAP). Most auto dealers participate in leasing in some way, whether they are leasing a building or equipment, operating as a lease here – pay here (LHPH), or are lessors of real estate.

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Common Accounting Mistakes: Government Edition - Issue #6 Fixed Assets

SMBAccountant

Most companies set a threshold in their accounting policies to avoid wasted time and effort on immaterial or low cost items. Be sure to talk with your accountant about what depreciation is recorded in your books. If that’s the case, a work in progress account should be established on the balance sheet to hold all the costs until the asset is finished and put into service. Nearly all businesses have some kind of fixed assets.

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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. Whether the SBIR/STTR that’s being worked is a grant through the National Science Foundation (NSF) or a federal contract, there is an oversight agency, such as the Defense Contract Audit Agency (DCAA) for Department of Defense (DOD) contracts, that will review the adequacy of a contractor’s accounting system prior to a phase II award.

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Preparing for Your First Audit – Steps to Follow for Consumer Products Companies

Withum

This individual should have the necessary accounting skills, knowledge, and experience to be responsible for the services which the CPA firm is engaged to perform. Are any past due accounts receivable uncollectible?

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Founders – Bookkeeping vs. Accounting: What’s the Difference?

Shay CPA

When it comes to differentiating bookkeepers from accountants, a lot of startup founders primarily focus on when to hire them. For example, you might hire a bookkeeper on an ongoing basis, but only work with an accountant during tax filing season. Accounts receivable.

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Common Accounting Mistakes: Government Edition - Issue #6 Fixed Assets

SMBAccountant

Most companies set a threshold in their accounting policies to avoid wasted time and effort on immaterial or low cost items. Be sure to talk with your accountant about what depreciation is recorded in your books. If that’s the case, a work in progress account should be established on the balance sheet to hold all the costs until the asset is finished and put into service. Nearly all businesses have some kind of fixed assets.

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What Is the Bad Debt Expense Formula?

xendoo

Most businesses use the bad debt expense formula to account for them. . Bad debt expenses are the part of accounts receivable that a company considers non-collectible. Accounts receivable (AR) refers to the funds due to a company for products or services. Accounting