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Here are the top ten articles for the Accounting Site! These rankings are live and get reset at the beginning of each month, so check back often to see what your fellow visitors are most interested in!
1. Statement of Cash Flow - Direct or Indirect Method
The indirect method is the most widely used.The direct method is call income statement method while the indirect method is called the reconciliation method.
2. Calculating Cash Discounts and Allowances
Taking discounts usually makes economic sense. The true cost foregone when a company does take a discount is high. For example in a 2/10, net 30 it would be 36%.
3. Reporting Irregular Items
Forensic accountants are hired to verify the reliability of financial information because it is a decisive factor in assessing performance. When unrealistic goals are set many wrongdoing instances are uncovered through financial investigations where forensic accountants are actively involved.
4. Accounting Information Systems (AIS) and Fraud
An executive signed a Form S-4 and a Form S-4 amendment that Company WXZ, Inc. filed with the SEC while knowing, those filings contained materially false and misleading information on prior revenue and earnings per share(2) approved backdated contracts, among other misleading actions.
5. Compensated Absences
Forensic accountants review these transactions as unscrupulous individuals commit fraud by reducing expenses related to compensated absences to help companies meet earnings targets and fraudulently fail to disclose in their financial statements the changes in accounting for compensated absences.
6. Inventory Analysis & Management
How to avoid overstocking or understocking and use investment optimally. What is inventory turnover and how it affects financial statements. How to calculate the number of days it takes to sell inventory.
7. Drawing Conclusions from Financial Statements
Forensic accountants find useful information in the financial statements. Financial statements analysis helps decision-makers and financial investigators to draw conclusions for different purposes.
8. Recording Transactions in the General Journal
Recording transactions in journals, posting to ledger accounts, and preparing a trial balance are core tasks in which accountants engage in every day. Entering a list of chronological transactions and events in terms of debts and credits into a general jornal is preview to posting a transaction.
9. Financial Statements Explained
Understand what the figures in the financial statements mean in regards to the business. Monitor your business' health with a few simple ratios and take timely corrective or preventive actions. Use financial statements to analyse your business.
10. Accounting Principles
Financial Accounting Standards Board FASB is the standard-setting body in the United States responsible for establishing accounting principles, many countries follow this approach. Accounting principles bring meaning and consistency to the financial statements.
Be sure to visit the Accounting Archives for all the articles!
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