opinion
How do I set up a trust for my assets?
How to Create a Living Trust in California Pick a type of living trust. If you’re married, you’ll first need to decide whether you want a single or joint ...
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Opinion
opinion
What is the role of the external auditor?
An external auditor reviews the financial information of a company and reports on findings. The external auditor is responsible for investigating financia...
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Which is the more accurate method of allocating overhead?
An activity-based costing system is considered more complex than using a single plantwide rate to allocate overhead, but an ABC system is also considere...
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Is goodwill a debit or credit balance?
To credit their capital accounts, we introduce the goodwill in to the accounts using the original profit share ratio. So, remember Matt and Ben used to sp...
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What are the important controls relating to cash disbursements?
The duties of authorization (signing a check or releasing a wire transfer), custody (having access to the blank check stock or the ability to establish a ...
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Where does prepaid rent go on balance sheet?
Prepaid rent typically represents multiple rent payments, while rent expense is a single rent payment. So, a prepaid account will always be represented on...
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What does a posting reference in a journal indicate?
The posting reference facilitates referencing between the journal and the ledger. In the ledger, it indicates the source of the entry, i.e. which journal ...
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Is bad debt expense a contra revenue account?
Basically, bad debt expense will no longer be a separate line item on the face of a health care company’s income statement. And it’ll be recorded as an op...
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Is a staff accountant an accountant?
Staff accountants usually work in an accounting department within a corporation or firm. While most find work in the financial industry, many pursue roles...
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opinion
What is a write-off of uncollectible accounts?
A write-off is an elimination of an uncollectible accounts receivable recorded on the general ledger. An accounts receivable balance represents an amount ...
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