American Institute of Certified Public Accountants (AICPA) Definition The American Institute of Certified Public Accountants (AICPA) is a professional organization for Certified Public Accountants (CPAs). Furthermore, this organization is based in the United States. The organization dates back to 1887. The AICPA creates the CPA examination. Then, they grade the CPA examination. In addition, it
See also: Does Your Management Team Understand the Financials? General Ledger Reconciliation and Analysis Allowance for Uncollectible Accounts Allowance for Uncollectible Accounts Explained When companies sell products to customers on credit, the customer receives the product and agrees to pay later. The customer’s obligation to pay later is recorded in accounts receivable on the balance
See Also: Accrual Based Accounting Accrual Based Accounting GAAP Rules Revenue Recognition Principle — GAAP The revenue recognition principle states that revenue is recognized when earned. In other words, collect the money for services rendered. Revenue is considered earned when the company has fulfilled its obligation to the customer. For example, if a customer orders
See Also: Accrual Based Accounting GAAP Rules Time Saving Tip for Filing Accounts Payable Invoices Statement of Financial Accounting Standards – SFAS Generally Accepted Accounting Principles (GAAP) General Ledger Reconciliation and Analysis Deferrals Cash Basis vs Accrual Basis Accounting Accrual Based Accounting Definition The accrual based accounting definition, or accrual basis accounting, forms a method
See Also: Accounting Principles 1, 2, and 3 Continuous Accounting: The New Age of Accounting Accounting Concepts Point of Sale (POS) Method Generally Accepted Accounting Principles (GAAP) Financial Accounting Standards Board (FASB) Adjusting Entries Accumulated Amortization Accounting Principles 5, 6, and 7 Description Basic accounting principles are both generally held and regulated under Generally Accepted
See Also: Accounting Principles 5, 6, and 7 Continuous Accounting: The New Age of Accounting Accounting Principles 1, 2, and 3 Basic accounting principles are generally held and regulated under Generally Accepted Accounting Principles (GAAP). The Financial Accounting Standards Board (FASB) also provides rulings and general practices with regard to these accounting principles. Some of
See Also: Economic Income Accounting Income Definition Income Statement Operating Income Net Income Future of the Accounting Workforce Variance Analysis Accounting Income vs Economic Income Definition Accounting income or loss recognizes realized gains and losses, and does not recognize unrealized gains and losses. Economic income or loss recognizes all gains and losses, whether realized or
See Also: Accounting Income vs. Economic Income Accrual Based Accounting Financial Ratios Comprehensive Income Financial Accounting Standards Board (FASB) Accounting Income Definition The accounting income definition is an estimate of performance in the operations of a company. It is influenced by financing and investing decisions. Accounting income or loss generally recognizes realized gains and losses,
See also: Accounting Principles Generally Accepted Accounting Principles (GAAP) Financial Accounting Standards Board (FASB) Income Statement Balance Sheet Arm’s Length Transaction Materiality Contra Asset Account Basic Accounting Concepts There are several accounting concept applications as they apply to the financial statements and general practice of a company. Some of these may be relevant and required
The AICPA just released a new financial reporting framework for small businesses. It aims to save small business owners both time and money. According to aicpa.org, the FRF for SMEs (Financial Reporting Framework for Small to Medium Sized Entities) is “a new accounting option for preparing streamlined, relevant financial statements for privately held owner-managed businesses that
How often have you heard a business owner say “Why would anyone include depreciation, or rent, or insurance and many similar costs, in their Cost of Goods Sold? It’s best to keep it simple!” They want to apply the KISS Principle, but it can be simply stupid. The KISS Principle can be “Simply Stupid” Well
Do you want to know what is going to change when the new international standards are adopted? The AICPA has now created a wiki comparing the streamlined and complete version of the international standards using IFRS vs US GAAP for SME’s (Small and Medium Sized Entities). All of the sections of the IFRS will be
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