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Accounting

Free Accounting Software: A Comprehensive Guide for Businesses

Free accounting software provides businesses from sole proprietors to and small- and medium-sized enterprises (SMEs)Small and Medium-sized Enterprises (SMEs)SMEs, or small and medium-sized enterprises
Understanding the Fraud Triangle: Opportunity, Incentive, and Rationalization

The fraud triangle is a framework commonly used in auditing to explain the reason behind an individual’s decision to commit fraud. The fraud triangle outlines three components that contribute to
Understanding Fraud in Audits: Risks and Consequences

Fraud in audits is when an entity is found to have illegally altered financial statements to manipulate its financial health or to hide profit or losses. It is severely punished since fraud undermines
Franking Credits: Understanding Corporate Tax Relief for Shareholders

Also known as imputation credit, franking credit is a type of tax credit that enables a company to pass on the tax paid at the corporate level to its shareholders. The idea behind the tax credit is to
Understanding Form 1040-EZ: History & Replacement

Form 1040-EZ is a federal income tax form that was offered by the Internal Revenue Service (IRS) up through tax year 2017. Many American taxpayers used the form to file and report their federal income
Forensic Audit: Definition, Purpose & Legal Applications

A forensic audit is an examination of a company’s financial records to derive evidence which can be used in a court of law or legal proceeding.For example, Telemart, on the recommendation of its
Forensic Accounting: Investigating Fraud & Financial Crime | [Your Company Name]

Forensic accounting is the investigation of fraud or financial manipulationTop Accounting ScandalsThe last two decades saw some of the worst accounting scandals in history. Billions of dollars were lo
Understanding Foreign Exchange Gains & Losses: A Comprehensive Guide

A foreign exchange gain/loss occurs when a company buys and/or sells goods and services in a foreign currency, and that currency fluctuates relative to their home currency. It can create differences i
Flat Tax Explained: How It Works & Its Implications

A flat tax refers to a tax system where a single tax rate is applied to all levels of incomeAnnual IncomeAnnual income is the total value of income earned during a fiscal year. Gross annual income ref
Understanding Fixed Charges: A Comprehensive Guide

Fixed charges are a type of business expense that occurs on a regular basis and is independent of the volume of business. Fixed charge is an umbrella term for a variety of expenses, including principa
Understanding Fiscal Years (FY): Definition & Importance

A Fiscal Year (FY), also known as a budget year, is a period of time used by the government and businesses for accounting purposes to formulate annual financial statementsThree Financial StatementsThe
FIFO Method Explained: Understanding First-In, First-Out Inventory Valuation

The First-in First-out (FIFO) method of inventoryInventoryInventory is a current asset account found on the balance sheet, consisting of all raw materials, work-in-progress, and finished goods th
Analyzing Financial Statements for Banks: A Comprehensive Guide

While the general structure of financial statements Analysis of Financial StatementsHow to perform Analysis of Financial Statements. This guide will teach you to perform financial statement analysis o
Understanding Financial Statements: A Comprehensive Guide

Financial statements are the records of a company’s financial condition and activities during a period of time. Financial statements show the financial performance and strength of a companyCorpo
Understanding Financial Statement Notes: A Comprehensive Guide

Financial statement notes are the supplemental notes that are included with the published financial statements of a company. The notes are used to explain the assumptions used to prepare the numbers i
Financial Statement Manipulation: Definition & Examples

Financial statement manipulation refers to the practice of using creative accounting tricks to make a company’s financial statements reflect what the company wants its performance to look like r
Understanding Financial Assets: Definitions & Types

Financial assets refer to assets that arise from contractual agreements on future cash flowsCash Flow StatementA cash flow Statement contains information on how much cash a company generated an
Understanding Financial Accounting Theory: Principles & Practices

Financial accounting theory focuses on the “why” of accounting – the reasons why transactions are reported in certain ways. The majority of introductory accounting courses
FASB: Understanding Financial Accounting Standards & GAAP

The Financial Accounting Standards Board (FASB) is an independent organization that exists in the private sector. It is responsible for establishing accounting standards for financial reporting within
FFO Explained: Understanding Funds From Operations for Real Estate Investors

Funds from operations (FFO) is the actual amount of cash flowCash FlowCash Flow (CF) is the increase or decrease in the amount of money a business, institution, or individual has. In finance, the term

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Accounting

Accounting