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Materiality in the audit of financial statements

por | Dic 18, 2024 | Bookkeeping

Proper documentation serves as a record of the auditor’s rationale, providing a trail that can be reviewed and understood by others, including regulatory bodies and stakeholders. This transparency is crucial for maintaining trust and accountability in the audit...

What is Cost Principle? Definition and Examples

por | Sep 2, 2024 | Bookkeeping

As such, assets are often undervalued, leading to an inability to determine profit margins accurately. In the balance sheet, this depreciation expense reflects when recording the asset’s value throughout its useful life. Cost principle can be confusing when...

What Is Bookkeeping? Everything You Need To Know

por | Dic 13, 2023 | Bookkeeping

After the cash account, there are the inventory, receivables, and fixed assets accounts. Firms also have intangible assets such as customer goodwill that may be listed on the balance sheet. If you use cash accounting, you record your transaction when cash changes...

Quickbooks Pro vs Premier

por | Oct 23, 2023 | Bookkeeping

While QuickBooks Desktop versions have a mobile app, it’s not nearly as robust as its Online version. Larger businesses with substantial accounting teams may want to consider the QuickBooks Advanced plan. It covers up to 25 users and provides dedicated customer...