A credit application is the only document that safeguards a company from the risk of bad debt. While small businesses are often not backed with …

Accounts Payable (A/P) accountants very well know how the supplier invoice processing sucks most of their working hour. Consider the following common routines carried on …

In brief, a business acquisition, from the accounting standpoint, is a transaction in which both the acquiring and acquired company are still left standing as …

We are approaching the end of the 2012, have been busy, and there is no way to stay updated with the constant changes in the …

Audit committee, in the real corporate world, has been existed for long time and the perception of its roles and responsibilities are evolved time-by-time. This …

Managing ‘activities-and-their cost’ is a key to success in business. To be able to manage activities and costs, it is necessary to understand how costs …

Misstatements sometimes left uncorrected, particularly when the financial statements preparer detects them after the statements have been produced and distributed. Using an auditor perspective, how …

Though I have posted about balance sheet’s disclosures required under the US’s accounting standard codification, in the past. This post discusses financial statements disclosures required …

Classifying transactions into accounts is a crucial step in the accounting process. Asset and liability transactions are the biggest portion of the whole accounting data. Classifying …

“Hi, I am a small business that provides clients with computer repair services; do I need to include cost of goods sold on my income …

Internal audit workpapers can be seen as a “link” between actual internal audit procedures and the reports issued as results of an internal audit process, …

There are five transfer pricing techniques a corporation can choose from to improve profitability of not only business unit level, but the corporate-wide level. Each …

Internal audit role, performed by internal auditors, requires core competencies. This post lists seven internal audit core competencies internal auditors should have—beyond internal audit standards—for …

Receipt of goods is typical to those who work for a retailer or manufacturer. If you do too, having solid system for the task is …

Inventory accounting is an important topic with complex issues that can causes confusion even to well-experienced accountants. But in this post, I focus on the …

Learning accounting, the first time, is so much exciting. And it is suffice to say that, writing about it is also so much exciting to …

Are you looking for bank reconciliation template, in excel, you can use easily? Now you can download it, at Accounting Financial Tax, for f.ree.   …

Internal control over financial reporting is essential information an auditor supposed to be able to draw during an audit session. Why? A client’s internal control …