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Understanding the FAQs Related to Overhead Rate Audits for Growing A&E Firms

Cherry Bekaert

For many architecture and engineering (A&E) firms, overhead rate audits are a critical aspect of financial management since they can be a great way for firms to recoup incurred costs necessary to run their business from the government. Q: What is an overhead rate audit? Q: What are the benefits of an overhead rate audit?

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An Essential Guide to Accounting and Basic Accounting Principles for Beginners

Snyder

What are basic accounting principles? What is accounting software? Basic accounting and its secrets. The Fantastic Four of accounting. Accounting principles: Why are they so important for any business? Basic accounting principles. Accrual principle. Contents: 1.

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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. What exactly is GAAP?

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Tokenization: Transforming Finance and Elevating the Role of Accounting and Audits

Withum

As tokenization gains momentum, the role of accounting and audits becomes increasingly vital in ensuring transparency, accountability, and trust in these emerging technologies. Every token transfer and ownership change is recorded transparently, creating a comprehensive audit trail.

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Navigating GASB 100: Accounting Changes and Error Corrections

Cherry Bekaert

Contributors: DeWanna Coleman Governmental Accounting Standards Board (“GASB”) Statement No. 100, Accounting Changes and Error Corrections—an amendment of GASB Statement No. This category also includes the implementation of new accounting pronouncements. 62, is in effect for fiscal years beginning after June 15, 2023.

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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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The Importance of an Accurate Balance Sheet

Basis 365

It's one of the most important financial documents to help you make informed decisions, plan for the future, and secure financing. This blog post will discuss the importance of an accurate balance sheet and why outsourcing accounting services can be the best option for businesses.