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Revenue and Expense Recognition - One of the first challenges auditors and regulators faced when developing the Generally Accepted Accounting Principles (GAAP) was trying to standardize how companies account for their revenues and expenses. Before GAAP, companies had (more or less) free reign on how and when revenue and expenses were reported, leading to general confusion when trying to compare balance sheets and income statements between companies. Today, all companies need to follow these general guidelines. Criteria There are several… Read More...
Personal Finance
IRS Audits - Once you file your income taxes, the IRS will review all the forms you submit, and either issue your return or refund, usually with very little turnaround time. However, occasionally the IRS will ask you… Read More...
Managing Debt - To be "In Debt" means to owe money to someone else, usually making fixed payments to pay back the amount over time, plus interest. Debt means different things to different people - having some debt… Read More...
When You Need To Pay Extra Income Tax - Everyone loves getting tax breaks, but what can really ruin your finances in the long-run is forgetting about tax additions – extra taxes and fees that you need to add on to your tax bill.… Read More...
Researching Purchases - Every person makes hundreds of purchases every week. Think about how many individual items you have when buying groceries, how often you eat out or use a vending machine, or how often you buy new… Read More...