Forum: Accounting and Taxes

The reporting entity of personal financial statements is an individual or a group of related individuals. Individuals prepare or have accountants prepare personal financial statements for obtaining bank loans, income tax planning, retirement planning, gift and estate planning, and the public...

A subsequent event is an important event that occurs between the balance sheet date and the date of issuance of the annual report. Subsequent events must have a significant or material effect on the financial statements. A subsequent event does not include the recurring economic fluctuations...

Accountants prepare financial statements on the assumption that each enterprise is a separate entity, that all transactions can be expressed or measured in dollars, that the enterprise will continue in business indefinitely, and that statements will be prepared at regular intervals using consistent...

The Financial Accounting Standards Board (FASB) has defined the following elements of financial statements of business enterprises: assets, liabilities, equity, revenues, expenses, gains, losses, investment by owners, distribution to owners, and comprehensive income. According to the FASB, the...

The basic financial statements of businesses include the (1) balance sheet (or statement of financial position), (2) income statement, (3) cash flow statement, (4) the retained earnings statement, and (5) statement of changes in owner's equity. The balance sheet lists all the assets, liabilities,...

The Financial Accounting Standards Board, in its Statements of Financial Accounting Concepts, asserted that financial reporting includes not only financial statements but also other means of communicating information that relates, directly or indirectly, to the information provided by the...

Purpose of financial statements by business entities: "The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions." Financial...

Business services – a new agreement between the Post Office and Santander will allow all its business account holders to access their accounts at the Post Office. The Post Office will also explore the development of a Post Office business bank account, which would be available throughout the...

One of the most important steps in finding small business finance sources is to figure out how you are going to get financing for your new business venture. Some People Self Finance Their Business By Using Their Own Money And Assets. This way of financing your business is by far the most...

Financial statements provide information of value to company officials as well as to various outsiders, such as investors and lenders of funds. Publicly owned companies are required to periodically publish general-purpose financial statements that include a balance sheet, an income statement, and a...

Hi Here are some steps you can take to improve your chances of getting a small business startup loan: * Establish trust. The first thing you'll want to do is try to establish a relationship with the lender sitting across from you. The more they know you as a person, the more they'll...

There are a few things that always keep me thinking…… there are many online trading systems that demand to be profitable in all the ways as one can be .Do they really work or they are just for ones own profit . Do they make you profitable in the stock market; provide you with great tips…..I would...

I have had a very bad experience with citibank in the way they dealt with the fraud transactions. I have had my credit card stolen and was abused for a total sum of 74,000 Rs. Citibank fraud department were seemingly helping me in the investigation. I had gone to the police station to file a...

Broadly speaking, the process of financial management takes place at two levels. At the individual level, financial management involves tailoring expenses according to the financial resources of an individual. Individuals with surplus cash or access to funding invest their money to make up for the...

Small businesses have an especially hard time when it comes to taxes. Here are seven tips that will help keep you focused and could help save you money. 1. Deductions – Make the Most of Them While reviewing your expenditures, remember that ‘ordinary and necessary’ business expenses aren’t...

Financial management entails planning for the future of a person or a business enterprise to ensure a positive cash flow. It includes the administration and maintenance of financial assets. Besides, financial management covers the process of identifying and managing risks. The primary concern of...

Hi Take advantage of every legal opportunity to reduce your taxes. Recent changes in the law benefit business owners who use their homes as an administrative and management base but work at other locations—such as plumbers, general contractors and health-care professionals. Ask...

First off, I'd like to say hello to all of my fellow small business owners, even though that may be a loose term to use for myself, however I'm having a few problems that are confusing me. Starting July 5th I am going to begin teaching mixed martial arts classes, I already have all of the...

If a small business owner on start up introduces his own second-hand tools at a total cost of say £1000 where would this be recorded, would it go in the cash book? and would it be a purchase or capital? and can I confirm that goods bought on credit would not go in the cash book? sorry if these are...