Lưu trữ Danh mục: Bookkeeping

Ohio automatically grants a filing (not payment) extension to October 15, 2025 if you filed a federal extension. There’s no Ohio extension form, so include the federal Form 4868 with your Ohio tax return when filing. Generally, anyone, regardless of their income level, is eligible to file for a tax extension. Every state  has its own rules, […]

It assumes that the currency used in a particular country is stable and can be relied upon as a common unit of measurement. This assumption allows accountants to quantify and compare different economic events, making it possible to analyze financial information effectively. While historical cost accounting provides stability and consistency, current cost accounting offers relevance […]

The flexibility to choose a fiscal year-end can also provide tax advantages. Organizations can structure their fiscal year to optimize cash flows for tax payments and potentially defer tax liabilities. However, companies must carefully consider the regulatory and administrative requirements, as well as potential complications in relationships with vendors and customers. The designation of fiscal […]

Time cost forms a significant portion of indirect costs, hence critical for running the business. The financial advisor advises them to take a loan from a recognized financial institution as they would charge a lower interest rate. It was estimated that a rate of 10% would be required to pay $5.4 million annually (simple interest […]

Mastering the balance between fixed and variable costs is key to managing a successful business. By understanding these cost categories and income statement how they impact your financials, you can make more informed decisions about pricing, budgeting, and cost control. Utilizing financial data APIs can further enhance your ability to analyze and manage costs effectively. […]

You will close the income summary account after you transfer the amount into the retained earnings account, which is a permanent account. Therefore, the dividends payable account – a current liability line item on the balance sheet – is recorded as a credit on the date of approval by the board of directors. The correct […]

Creditors are often more concerned about a company’s future cash flows than its past profitability. However, their research analysts can use an income statement to compare year-on-year and quarter-on-quarter performance. They can infer, for example, whether a company’s efforts at reducing the cost of sales helped it improve profits over time, or whether management kept tabs on […]

The contents of a bank account, the proceeds of a sale of stock shares, or the proceeds of a bond issue all are examples. The proceeds of a business’s current operations go onto its balance sheet as capital. This is debt capital, and it can be obtained through private or government sources. For established companies, […]

Even if your state doesn’t require PTO, your company policy is still binding. Be clear about how time off is earned, tracked, and paid out—and make sure employees sign off on it. However, for employers, implementing these laws might be difficult, especially for organizations whose employees are scattered within different states. Failure to implement these […]