TIN number or simply TIN (Taxpayer Identification Number) is a unique set of numbers assigned to each registered taxpayer in the Philippines. It’s a funda...

Notes payable to officers, shareholders or owners represent cash which the shareholders or owners have put into the business. For tax reasons, owners may ...

FIFO stands for “First-In, First-Out”. It is a method used for cost flow assumption purposes in the cost of goods sold calculation. The FIFO method assume...

Selecting the Right Thermostat Opening Temperature. However, a low-temp thermostat by itself does not make power. In some circumstances, a colder thermost...

The terms “fiscal year” and “financial year” in the U.S. for companies are synonymous. They both refer to an accounting period of 12 consecutive months. W...

Upgrading Enterprise 2018 to 2021 On your new QuickBooks version, select Open or Restore Company. Select Open a company file. Click Next. Select Open. Sig...

The journal entry is a debit to the bad debt expense account and a credit to the accounts receivable account. It may also be necessary to reverse any rela...

The main features of equity shares are: They are permanent in nature. Equity shareholders are the actual owners of the company and they bear the highest r...

A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or asset...

Why don’t auditors prepare financial statements, as well as audit them? It would be a conflict of interest and violates ethical standards. The CPA serves ...