Tips For Studying For the CPA Exam

Tips For Studying For the CPA Exam

Anyone who wants to become a Certified Public Accountant must take the CPA exam. It is important to know all the requirements that are associated with the CPA exam in your area, as the rules vary from state to state. That is why it is imperative to not only be aware of the general requirements that apply to each test taker, but to also be aware of any state specific CPA requirements that apply to each individual.

Each state has a separate license board that determines and governs specific requirements for qualifying to take the CPA exam. Read more

Why Bookkeeping Services Are Important For Business

Why Bookkeeping Services Are Important For Business

Every business such as small, mid and large generates day to day some financial transaction and if you need to keeping all the financial transaction records include purchase, sales, income, and payment by an individual or organization so, bookkeeping is helpful to keeping all the financial transaction records properly for your business.

With the proper bookkeeper service, business proprietors should be worry-free. Read more

Accounting Questions For Review and Discussion

Accounting Questions For Review and Discussion

What is the distinction between expenditures and expenses as the terms are used in governmental accounting?

Expenditures are concerned with governmental funds, while expenses are concerned with proprietary funds. Expenditures are decreases in net financial resources and expenses are decreases in net economic resources. Read more

Consolidated Financial Statements and Non-Controlling Interests

Consolidated Financial Statements and Non-Controlling Interests

The stated purpose of consolidated financial statements remains unchanged and “is to present, primarily for the benefit of the shareholders and creditors of the parent, the results of operations and the financial position of a parent and all its subsidiaries as if the group were a single economic entity.”

The general consolidation policy also remains unchanged from ARB 51 (as amended by SFAS No. Read more

A Guide to What Are Operating Accounts and Charts of Accounts: Part 1

    Charts of Accounts Vs. Operating Reports

      To best understand the question what are operating reports and charts of accounts, its best to understand each of them in detail.

    Chart of Accounts This is a list of all the accounts your business uses to track financial transactions. Within your accounting software, you probably have an option to run a report that will reveal every account by number and name. Read more

Superannuation Caps & Limits

If you were thinking of putting more money into your super contributions before the June 30 cut-off this year, you might want to think carefully about your decision. The cut off for the 2010 financial year has been reduced to just $25,000.

The cut-off limit has effectively been cut in half from last financial year, so if you’re under 50 and had planned to put a little extra into your super as a way to help reduce your tax liability, it’s important you’re aware of the limits and caps that have been put in place.

However, if you’re over 50, you’re able to only contribute $50,000 this financial year, instead of the $100,000 that was allowed last financial year – once again a cut of 50%.

Keep in mind that concessional superannuation contributions include the amount paid into your super fund by your employer, which include any amounts paid under salary sacrifice, as well as personal contributions claimed by self-employed people.

While most people might think that this sounds like a lot of money to put into super each year, the truth is the amount paid into your super fund by your employer is counted towards this total figure, as is the amount paid via salary sacrificing.

If you’ve had a pay rise throughout the last financial year, you may be closer to the threshold limit than you think.

For those people who go over the cap or limit amount for their age group, instead of paying 15% tax on your contributions, you’ll be penalised with a tax rate on the excess amount of 31.5%.

These new limits and caps on the superannuation contributions you make mean that as an individual you have the option of working out how much you wish to contribute into your super fun to reap the maximum benefits available for you. Read more

Remote Accounting

Remote Accounting

What is Remote Accounting?

Remote Accounting is becoming increasingly popular among UK based businesses as it provides a number of advantages to the busy owner/director/partner.

The main advantage of Remote Accounting is of course cost. Every meeting that you have with your accountant goes onto the time sheet and is charged at the end of the year, t5hat chat over a cup of coffee could end up costing you a lot of money. Read more