The EOQ helps companies minimize the cost of ordering and holding inventory. As explained by the economic concept known as economies of scale, the cost per unit of ordering a product falls, the larger the total quantity of the order. However, the larger the total quantity of an order, the higher the cost to hold and carry your inventory. The EOQ is a company’s optimal order quantity that minimizes its total costs related to (more…) […]
Thus, a certified cheque cannot “bounce”, and its liquidity is similar to cash, absent failure of the bank. The bank indicates this fact by making a notation on the face of the cheque . In Australia, following global trends, the use of cheques continues to decline. In 1994 the value of daily cheque transactions was A$25 billion; by 2004 this had dropped to only A$5 billion, and by 2018 this had dropped to only A$1 billion, with almost half of this for B2B transactions. While we stri […]
I think you might go back to software dev. Wherever you get a job, talk to the managers in the areas you’re interested in moving to, and let them know your interest. In the meantime, you will be meeting new people and gaining good contacts. If you have an opportunity to get into either general audit or IT audit, choose the job based on whether you are more comfortable with accounting or IT. If you only get one option, take whatever comes up.
To ask other readers questions aboutAuditing f […]
So the recorded video option is a possibility, but I think there would have to be some really tight controls over that, and the evidence on authenticity would have to be pretty substantial. I think the more challenging situation, and one that I’d probably personally be more skeptical about, is if the auditor wants to use a recorded video. But some people have suggested something like that might be appropriate if you’re recording, just to authenticate the time or date that it was tak […]
Jan 18 Performed services for customers and received cash immediately for $8,000. Jan 10 Purchase equipment by paying cash for $25,000. ➢ Give an example from your personal life that illustrates your use of accounting information in reaching a decision. ➢ Identify the three types of activities shown in a statement of cash flows. Metro issued a check to Rent Commerce, Inc. for $1,800 to pay for office rent in advance for the months of February and March. Revenue is what your business earns throu […]
A management accounting concept, service inventory refers to how much service a business can provide in a given period. A hotel with 10 rooms, for example, has a service inventory of 70 one-night stays in a given week. Components are similar to raw materials in that they are the materials a company uses to create and finish products, except that they remain recognizable when the product is completed, such as a screw. Raw materials (more…) […]
Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates complex, back-office financial operations for small and midsize businesses. Customers use the Bill.com platform to manage end-to-end financial workflows and to process payments, which totaled over $70 billion for fiscal 2019. The Bill.com AI-enabled, financial software platform creates connections between businesses and their suppliers and clients. The company partners with several of the largest U. […]
The member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other. Each member firm is responsible only for its own acts and omissions, and not those of any other party. The goal of SOX was to improve corporate governance and restore the faith of companies’ investors. However, many in the business world are against SOX, seeing it as a politically motivated move leading to a loss of risk-tak […]
It shows the balance between the company’s assets against the sum of its liabilities and shareholders’ equity — what it owns versus what it owes. Because it summarizes a business’s finances, the balance sheet is also sometimes called the statement of financial position. Companies usually prepare one at the end of a reporting period, such as a month, quarter, or year. The accounting equation defines a company’s total assets as the sum of its liabilities and shareholders&# […]
But depending on how you do your financial reporting, you may need a third type of statement. Usually, there are only three financial statements that are being frequently used by financial analysts.
The “charge” for using these assets during the period is a fraction of the original cost of the assets. A balance sheet provides detailed information about a company’s assets, liabilities and shareholders’ equity. This document shows the changes made to your company’s […]
