by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the American Accounting Association?The American Accounting Association refers to an organization that gives support to worldwide excellence in accounting research, education, and practice. In the United States, AAA is the primary professional association for...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Fiscal Year?A fiscal year refers to a financial year customized for 12 months within which governments use to account, budget, and prepare financial statements. A fiscal year usually runs for 12 months. However, it is not a must for it to start on January...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
Update Table of Contents What is the Completed Contract Method (CCM)?How does the Completed Contract Method (CCM) Work?How Completed Contract Method Works (Example)When to use a Completed Contract MethodAdvantages of a Completed Contract MethodDisadvantages of a...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Bad Debt?A bad debt refers to an account receivable that has been specifically identified as uncollectible and, therefore, it is written off. Bad debt occurs when a borrower or debtor defaults – fails to repay his or her loan or debt. Such accounts...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Net Operating Loss (NOL)?A net operating loss (NOL) occurs when the expenses of a taxpayer or company often exceeded the revenues. At this period, taxpayers and companies often receive tax relief to cover up for that year and reduce tax burdens in the...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is Liquidity?Liquidity is a feature of an asset which makes it easily convertible into cash. An asset or security that can easily be purchased, sold, or converted into cash has liquidity. Cash itself is a liquid asset, while savings accounts, checkable accounts,...
