November 03, 2021
Charles Lutwidge
What is an Expense
Overview There are various types of expenses in accounting that are associated with a company’s operating, financing, and other activities. Costs represent the cost of material, labor, financial, natural, informational, and other types of resources spent on the production and...
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November 02, 2021
Charles Lutwidge
Salvage Value Definition
Fixed assets depreciation When buying fixed assets for a business, their cost must be properly taken into account. Fixed assets are assets that are purchased not for subsequent sale with profit, but for conducting business. The main purpose of a...
November 01, 2021
Charles Lutwidge
GAAP VS. IFRS: What are the key difference
Overview Currently, various financial reporting standards are used by businesses around the globe, including IFRS, US GAAP, CAS, etc. Despite a lot of efforts taken to eliminate the differences between GAAP vs. IFRS standards, the financial data prepared based on...
October 31, 2021
Charles Lutwidge
Audit Risk Model
Overview Financial audit is a comprehensive check of the economic and financial condition of an organization, verification of the reliability of information in the financial statements of the organization, as well as analysis and assessment of the prospects for its...
October 30, 2021
Charles Lutwidge
Current Assets Definition
Definition Assets are all business and attracted resources that are used by the company for the purpose of making a profit. These include financial, material, intangible resources. Current assets are funds that the company expects to receive during one financial...
October 29, 2021
Charles Lutwidge
After-Tax Income
Profit before tax Before we discuss after-tax income, let’s review what profit before tax means. Profit before tax is actually nothing more than the total company’s revenue after all expenses have been deducted, but before income tax has been subtracted....
October 28, 2021
Charles LutwidgeWhat is net income
Net income and doing business are strongly linked. New companies are being opened precisely to generate income. Entrepreneurs are actively developing ways to increase the profitability of the business and use material and labor resources more effectively. Therefore, it is...
October 27, 2021
Charles Lutwidge
What is gross income and How it works
The goal of any company is to generate profit. All income minus all expenses – this is how most business owners calculate their success. However, this approach will help determine only one of the types of income – net income,...
