by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Gain?Gain is a term used when a company or an individual experiences an economic benefit whereby there is either an increase in property or asset value. When the value of an asset is currently higher than when you purchased it, then the difference between...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a General Depreciation System?General Depreciation System (GDS) refers to a method used to compute personal property’s depreciation. GDS allows the use of tax depreciation (declining-balance-method) under the Modified Accelerated Cost Recovery System...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
Update Table of Contents What is Fair Value?How is Fair Value Used?How Fair Value inConsolidation WorksOther Methods Used to Determine Fair ValueFair Value in the Futures MarketAcademic Research for Fair Value What is Fair Value?Fair value is a term that has a variety...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Debit?In bookkeeping or accounting, a debit is a record in an account ledger that reflects an increase in assets or expenses or a decrease in a liability of equity account. It is always reflected on the left side of the account ledger. Debit is often...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is an Accountant’s Opinion?An accountant’s opinion, also known as an accountant’s letter, is a statement in writing issued by an independent public accountant or auditor to describe the results of an assessment of a firms financial...
