Has your bank or another creditor asked you for a set of audited financial statements? Ever wonder why?
When you contract a CPA to audit your statements, the CPA firm tests for proper accounting practice. They also test to make sure all of the transactions are recorded. Then they issue a letter, which is an attestation, which says whether your current practices are in line with GAAP.
To find out more about financial statement objective, read Objectives of a Financial Statement Audit.
10 ways to make Home Based Bookkeeping Easier
Debits and credits are fundamental accounting terms-debits increase assets or expenses; credits increase liabilities or income. Or debits on...
-
I worked for Monsanto in the Agricultural Division as a young accounting assistant. I was transferred from corporate to agricultural, enteri... -
Now that the government has repealed the payroll tax cuts U.S. take home pay is cut by two percent. In addition, the IRS has restricted t... -
There are instances when the accountant must apply a credit to a customer's account. Understanding customer credit/refund processing in ...
No comments:
Post a Comment