By applying similar standards in the reporting process, accountants can avoid errors or discrepancies. Rather, particular businesses follow industry-specific best practices designed to reflect the nuances and complexities of different business areas. For example, banks operate using different accounting and financial reporting methods than those used by retail businesses. GAAP helps standardize financial reporting so […]

Public accounting generally pays the most to a candidate right out of school. In particular, the big four firms of Ernst & Young, Deloitte, KPMG, and PricewaterhouseCoopers offer larger salaries than mid-size and small firms. Depending on the city, you can expect to earn between $40,000 and https://quick-bookkeeping.net/ $60,000 your first year as a Big […]

To oppose the revenue made by a company, contra revenue accounts must have a debit balance. Whenever the balance of a contra asset account increases (credit to the contra asset account), the increased amount is written off as an expense and is reported in the company’s income statement. Contra Liability Account – A contra liability […]

Non-cash items may include donated goods or services, which need to be recorded at their fair market value. Including these items provides a more comprehensive view of your nonprofit’s financial picture. Grant income refers to funds received from government agencies, foundations, other nonprofits, or other grant-making entities to support specific projects or initiatives. Nonprofits must file […]