Month: January 2020

For example, during the Roman Empire, the government had detailed records of its finances. However, modern accounting as a profession has only been around since the early 19th century. Amanda Bellucco-Chatham is an editor, writer, and fact-checker with years of experience researching personal finance topics. If your business ever grows to the point where you… Continue reading 2024 tax filing season set for January 29; IRS continues to make improvements to help taxpayers Internal Revenue Service

Indication “2/10, n/30” (or “2/10 net 30”) on an invoice represents a cash (sales) discount provided by the seller to the buyer for prompt payment. Net 30 terms are often combined with a cash discount for early settlement. To illustrate, for example 2% 10 days, net 30 terms or 2/10, n/30 means, that a 2%… Continue reading Net 30 Terms

There is no doubt that machines are much better when it comes to working efficiency but they cannot replace the human connection that makes the team. If machines would be built without any flaws, no doubt they would be able to perform even the most complex tasks without any errors. Go through the following points… Continue reading The Pros And Cons Of Artificial Intelligence

However, interest rates are subject to revision by the respective Companies/Government from time to time. In case of the untimely death of a bondholder, the issuing entity shall recognise the administrator of the deceased. The company will consider their legal heir and transfer those bonds in the legal heir’s name. After completing all the above-mentioned… Continue reading Understanding Section 54EC: Tax Benefits and Investment Options TAXCONCEPT

Completely inelastic demand will mean that any amount of fall (or rise) in the price of the commodity would not induce any extension (or contraction) in its demand. That is why we say that elasticity of demand may be ‘more or less’, but it is seldom perfectly elastic or absolutely inelastic. By calculating and understanding… Continue reading CAIE IGCSE Economics 0455 Definitions Revision Notes

Financial accounting has its focus on past performance, unlike management accounting which has a more futuristic outlook. It tracks the business performance over some time and produces accurate reports in the form of financial statements. GAAP refers to a common set of accounting principles, rules, and standards that every company irrespective of its size adheres… Continue reading 1 1: Introduction- What Is Accounting Business LibreTexts

That’s when your “cash discount” program becomes a surcharge fee, which has much stricter regulations. To comply with the law, you must post the card price and offer a true discount to those who pay in cash. This is a similar process to when someone uses credit to make a purchase. Many small business owners… Continue reading What is a Cash Discount? Accounting Terms