Accounting

A debt that can be found on a balance sheet is deferred income tax. It’s a liability on a balance sheet that arises from a…

The elimination of a long-term asset from a company’s accounting records is known as asset disposal. It’s a crucial idea since capital assets are essential…

The difference between an asset’s cost and its ultimate salvage value, divided by the number of years it remains usable and in service, is used…

Straight line depreciation is the most basic and widely used approach for recognizing the carrying value of a fixed asset over the useful life of…

The Financial Accounting Foundation (FAF) is a private-sector association that is primarily responsible for developing and strengthening financial accounting and operating practices, as well as…

The Financial Accounting Standards Board (FASB) is a private, non-profit organization that sets accounting and financial reporting standards for businesses and charitable organizations in the…

Certified public accountants (CPAs) must follow the Auditing Standards Board’s (ASB) guidelines and law pronouncements while performing audits and attestations. Its mission is to support…

Audit sampling is the application of audit procedures to a portion of the population that is less than 100% of the total population, with all…

Auditing is the method of examining and confirming the quality and fairness of a company’s financial statements. Auditors protect investors by issuing reliable, open, and…

The information gathered for an audit of a company’s financial transactions, internal control procedures, and other things required for an auditor or certified public accountant…

Cross-checking accounting reports with physical inventory and records is the method of auditing inventory. Auditors and other parties will complete it. Physical inventory counts are…

An inventory write-off is a process of lowering the value of a company’s inventory to reflect the fact that it has no value. Either of…