Accounting

What are the responsibilities of the comptroller? A comptroller, in the United States, is a high-level executive that oversees the accounting tasks and financial reporting procedures of organizations. The comptroller oversees all accounting including accounts receivable, payroll, and loan transactions. Read more on www.investopedia.com The comptroller, also referred to as the controller, is a member … Read more

Is a laptop a capital expense? Capital expenditure generally includes anything that you purchase and own to help you earn profits in your business, so laptops will fit into this category. Read more on www.boox.co.uk There are two primary categories of expenses in accounting and business finances: capital expenditures (CAPEX) and operating expenditures (OpEx). The … Read more

What is operating loss in accounting? An operating loss occurs when a company’s operating expenses exceed gross profits (or revenues in the case of a service-oriented company). If there is an operating loss, there is usually a net income loss unless an extraordinary gain (e.g., sale of an asset) was recorded during the accounting period. … Read more

Cash basis accounting is a technique for keeping track of transactions depending on when money is received or spent. Contrastingly, accrual accounting records transactions based on the date they are incurred, regardless of the date that money is actually exchanged. For cash basis accounting, removing accounts payable requires a different strategy than for accrual accounting. … Read more

How do you show owner’s investment on a balance sheet? You’d include it in on the assets side of the balance sheet under property and equipment. On the other side of the equation, owner equity would go up by $125,000. If you took out a loan to make the purchases, equity would stay the same … Read more

Is accounting practice profitable? Why Accounting Will Continue To Be The Most Profitable Industry In The US. Things are going well for privately held accounting firms. That’s over double the average US private company net profit margin of 8.9%. It’s a familiar position for an industry that uniquely combines premium expertise with low overhead. Read … Read more

Is net 30 an industry standard? Net 30 is a standard in the business world and also common with municipalities. For example, in the UK, the client has a legal obligation to pay you within 30 days unless otherwise agreed. Read more on www.invoiceberry.com A payment term known as “net 30” enables companies to get … Read more

What are the 6 types of accounts? Common account types include checking, savings, money market, CDs, IRAs and brokerage accounts. Read more on www.creditkarma.com Accounting, which is the language of business, entails documenting and examining financial transactions in order to shed light on an organization’s financial situation. Accountants do this by classifying financial transactions into … Read more

Is operating loss an asset? Accounting Treatment of Net Operating Losses. Net operating losses are assets of the Company since it reduces future tax liability. Read more on www.wallstreetmojo.com A corporation experiences an operational loss, commonly referred to as a net operating loss (NOL), when its spending outpace its income. Operating loss is represented as … Read more

What are adjusting entries and why are they made? Adjusting entries are changes to journal entries you’ve already recorded. Specifically, they make sure that the numbers you have recorded match up to the correct accounting periods. Journal entries track how money moves-how it enters your business, leaves it, and moves between different accounts. Read more … Read more