by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
[cite] Back to: ACCOUNTING, TAX, & REPORTING Yellow Book (Financial Auditing) Explained The Yellow Book, formally the Generally Accepted Government Auditing Standards (GAGAS), is the name given to the standards promulgated by the Comptroller General (of the...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
[cite] Back to: ACCOUNTING, TAX, & REPORTING Double Entry Bookkeeping Defined It is a type of bookkeeping and accounting practice where every transaction is recorded twice in the account book, once as the debit and again as credit. The total debit account and the...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
Back to: ACCOUNTING, TAX, & REPORTING Overview of Small Business AccountingBusiness accounting consists of operational accounting (book accounting) and tax accounting. Operational accounting accounts for the actual revenue and expenses to the business. Tax...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
[cite] http://youtu.be/kVy7kdv5TUM Back to: ACCOUNTING, TAX, & REPORTING Below is an outline of the general accounting considerations for a small business.Operational Accounting General Bookkeeping Procedures (Separate from Owners) Income Statement Statement of...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the Berry Ratio?The Berry ratio is the ratio of the gross profit of a company to the operating expenses. This ratio compares the gross profit of a company to the operating expenses at a given period. The formula for calculating the Berry ratio is: Berry ratio...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Piecemeal Opinion?A piecemeal opinion is a report that an external auditor issue regarding the financial statement opinion of specific line items. An auditor may give a piecemeal opinion when the about statement information is not complete. Generally...
