In his work as an attorney, he has focused exclusively in areas of small business, taxation, and trusts. In addition, Toby was the past director and host of the longest-running local business radio program on KNUU in Las Vegas “The BOSS Business Brief”. Toby Mathis is a founding partner of Anderson Law Group and current […]
Learn accounting fundamentals and how to read financial statements with CFI’s free online accounting classes. This financial statement summarizes on one page all of the changes that occurred in the stockholders’ equity accounts during the accounting year. Bonds are contractual liabilities where annual payments are guaranteed unless the issuer defaults, while dividend payments from owning […]
This system relies on barcode scanners, RFID technology, and inventory management software to ensure accuracy. Perpetual inventory systems reflect procurement continuously in the general ledger, automatically adjusting stock levels. This real-time tracking eliminates the need to wait until the end of the period to know the accurate amount of inventory as it becomes available. Comparing […]
ISA 315 (Revised) includes enhanced auditor considerations relating to IT, including new and updated material for understanding IT and general IT controls. The auditor needs to understand how the entity processes information, and how this data is used throughout the business. There should be an understanding of the accounting records, how the information is captured […]
While the general ledger and general journal are both important accounting tools, they serve different purposes. The general journal is where transactions are first recorded, providing a chronological record of all financial activities. Each transaction is documented separation of duties with details such as the date, description, and amounts involved. This chronological order allows for […]
The system helps businesses to transition from manual procurement management tools to a fully digital solution. It aids in implementing a solution for the first time and replaces disparate point solutions. Real-budget tracking, rule-based workflows, expense management, and analytics are some of its essential features. Precoro offers streamlined PO creation, approval workflows, and notable integrations […]
Results can vary dramatically based on which points are identified as highest and lowest, especially in datasets with multiple similar values. It’s also possible to draw incorrect conclusions by assuming that just because two sets of data correlate with each other, one must cause changes in the other. Regression analysis is also best performed using […]
A negative net debt value indicates that a company possesses more cash and cash equivalents than financial obligations. Conversely, a positive net debt figure implies that a firm has more debts on its balance sheet than available cash and liquid assets. It’s essential to note that it’s common for companies to have more debt than […]
In doing so, you’ll need to check the balance sheet accounts for details like assets, liabilities, and stockholder’s equity. General ledger accounts are the basis on which you prepare a trial balance, from which you are able to prepare statements of final accounts, including income statements and balance sheets. Such financial statements provide information on […]
The life of a business is divided into accounting periods, which is the time frame (usually a fiscal year) for which a business chooses to prepare its financial statements. It identifies the part of accounts receivable that the company does not expect to be able to collect. When it is definite that a certain amount […]