Bookkeeping 101

A post-closing trial balance is a trial balance which is prepared after all of the temporary accounts in the general ledger have been closed. Permanent accounts are accounts that once opened will always be a part of a company’s chart of accounts. Rev…

Identifying and exploring all realistically possible non-fraudulent, non-corrupt explanations for an anomaly is also called reverse proof. Examining and eventually ruling out all of the valid possible non-fraudulent explanations for an anomaly in the…

Entry-level agents are primarily tax practitioners. During tax season, these agents review and prepare tax returns for both individuals and businesses. As their experience increases, these agents have the opportunity to move up the pay scale. Mid-lev…

Cohen & Company is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after…

Public accountants provide a range of services to protect the public interest – everything from auditing corporate financials to helping individuals plan their financial futures. We are committed to members’ success as they play a critical role in th…

Accounting Accounting software helps manage payable and receivable accounts, general ledgers, payroll and other accounting activities. An estimated value of the costs of dismantling and removing the asset and restoring the site on which it is located…

The issue of fairness in taxation is often contentious and always subjective. The sales tax would tax consumption at a flat rate compared to the current system, which taxes income at progressive rates. Taxing consumption instead of income is often ju…

However, some businesses may choose to use 360 days per fiscal year or 90 days per quarter. In this formula, the ending inventory is the amount of inventory a company has in stock at the end of the year. Physically counting inventory at the end of a …

The reason for the relatively small incremental cost per unit is due to the cost behavior of certain costs. For example, when the 2,000 additional units are manufactured most fixed costs will not change in total although a few fixed costs could incre…

This simple equation does a lot in demonstrating that shareholders’ equity is the residual value of assets minus liabilities. Longer-term debt obligations have a full repayment period of more than a year. Long term liabilities are also mostly interes…