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November 08, 2021

Charles Lutwidge
What Is an Invoice?

What Is an Invoice?

Whether you are a bookkeeper or a business owner who wants to know the purpose of each document in the business operation and be able to correctly prepare it, you are in the right place. Today, we are going to answer..

Articles

November 06, 2021

Charles Lutwidge
What Are Closing Entries in Accounting

What Are Closing Entries in Accounting

Definition and Explanation Bookkeeping is a subject with many rules, principles, and regulations guiding every move of the business as a whole as well as the work of a bookkeeper. Closing entries are part of the bookkeeping basics, so it is..

Articles

November 05, 2021

Charles Lutwidge
What Is a Variable Cost

What Is a Variable Cost

Overview Businesses need a plan not only to understand the goals and ways to achieve them but also to substantiate the profitability and the possibility of implementing investment projects. When doing project calculations, management is faced with the concept of fixed..

Articles

November 04, 2021

Charles Lutwidge
What are Intangible Assets

What are Intangible Assets

Overview The intellectual property of enterprises is becoming an increasingly expensive asset, the real value of which cannot always be reflected, even with the help of accounting. Unfortunately, inventions, trademarks, know-how belong to the type assets of the enterprise, which are..

Articles

November 03, 2021

Charles Lutwidge
What is an Expense

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 sale..

Articles

November 02, 2021

Charles Lutwidge
Salvage Value Definition

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 fixed..

Articles

November 01, 2021

Charles Lutwidge
GAAP VS. IFRS: What are the key difference

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 either..

Articles

October 31, 2021

Charles Lutwidge
Audit Risk Model

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 development,..

Articles

October 30, 2021

Charles Lutwidge
Current Assets Definition

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 year...

Articles

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