ContentConvergence with International Financial Reporting StandardsAsk a Financial Professional Any QuestionHow GAAP WorksPrinciple 6: Full disclosure principleGreat! Your retirement-ready report is on its way.Ask Any Financial QuestionGenerally Accepted Accounting PrinciplesPrinciple of Utmost Good Faith Although GAAP and IFRS serve the same fundamental purposes, there are some key differences between...
Bookkeeping
ContentSecurities and Commodities ExchangesMore Accounting Resources for BusinessesAnnual Report When retained earnings (RE) are positive, they increase the organization's equity. That equity may then be reinvested back into the business to fuel its future growth. A receipt is an official written record of a purchase or financial transaction. Receipts serve as proof that the transaction took place and...
ContentCPA vs. Accountant: Which Do You Need?What should I consider when choosing a Personal Accountant?Working with a Financial AdvisorAccountants Have Advanced Financial SoftwareImproving cash flowHelp with saving timeYou could be subject to the Alternative Minimum Tax (AMT)Want More Helpful Articles About Running a Business?They aid in the assessment of business performance. While there are many pros...
The savings bond maturity date is when the government owes you the full amount of principal and interest on your loan. You cannot redeem savings bonds during the first 12 months of ownership. Also, you’ll forfeit three months of interest if you redeem a savings bond during the first five years. The first step is to compare the stated bond interest rate with 3.5 percent, the approximate yield...
The percentage participation that Finley determined was 11%, figured by dividing $22,000 (income received) by $200,000 (the gross revenue from the property). Finley’s share of the oil production was determined to be 1,100 barrels (10,000 barrels × 11% (0.11)). Riley owns oil property in which Finley owns a 20% net profits interest. During the year, the property produced 10,000 barrels of oil, which...
ContentHow To Pay Your Property TaxUnpacking the State and Local Tax Toolkit: Sources of State and Local Tax Collections (FYSupport Sound Tax PolicyLocal Property TaxesWhat Do Property Taxes Mean for Individuals? Under a property tax system, the government requires or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value. Property taxes can apply to...