by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the Uniform Accounting Act?The Uniform Accounting Act is a model licensing law that was created to foster a uniform accounting system. This model law contains regulations that promote public and private interests. How is the Uniform Accounting Act Used?Aside...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is Pro Forma?Pro forma is a Latin phrase that means as a matter of form. In business and investing, it refers to the manner in which a firm calculates and presents its financial results. The pro forma calculation method emphasizes current and projected...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Trial Balance?A trial balance is an accounting tool. It consists of a bookkeeping worksheet in which the balances of all general ledger accounts are arranged into debit and credit accounts. The columns total in such a way that both column totals balance our...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the Timing of Tests of Controls?Timing of Tests of Controls is an accounting or auditing practice that enables an auditor to embark on auditing procedure to test the standard of a control used by a client entity to avert financial misstatements. This test is...
