What is a Field Auditor? (Responsibilities, Qualification, and More)

Tax

An audit is a process in which an auditor examines a subject matter against specified criteria. During this process, the auditors use various audit procedures to obtain assurance regarding the subject matter. Several types of audits may exist. Usually, audits refer to external or internal audits conducted by independent auditors. These processes include examining a […]

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How Are Bonds Payable Presented on the Cash Flow Statement?

Statement of Cash Flows

Companies raise finance from various sources. One of the primary sources includes equity, which refers to any investment in a company from its shareholders. Usually, companies rely more on equity than any other finance. However, companies also have the option to raise finance from debt. Debt refers to finance acquired from third parties other than

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What Is the Difference Between FCA and ACA? All You Need to Know

Audit, Finance

Accounting is a profession with a broad scope. Accountants work in all fields and industries. Since every company or organization deals with financial information, they need accountants to overlook their finances. Usually, accountants need to qualify and have a degree to get a job in any field. However, some fields do not require any specific

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What is Informal Reporting? (Definition, Explanation, Example, Purpose, and More)

Performance Management

Business reports provide users or readers with useful information. There are various types of reports that businesses may prepare. Usually, these reports have a proper structure and are long in size. However, these are formal reports. Formal reports, as the name suggests, are official or strict documents relating to specific issues. Most businesses operate on

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Is The Common Stock a Debit or Credit? (Accounting for common stock)

Financial Accounting

The ownership structure of companies differs from other businesses. Companies have shares that allow holders to become part-owner of the company. Usually, more shares come with higher control over the company’s operations. A shareholder that owns 50% or more of a company’s total stocks can control its operations. A share is a unit of capital

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Is Owner Withdrawal a Debit or Credit? (Accounting for Owner Withdrawal)

Financial Reporting, Managerial Accounting

When individuals create a business venture, they introduce capital into it. This capital helps them grow and fund their operations. The business may either make a profit or a loss. Usually, once it goes through several accounting periods, it will accumulate some earnings. Some businesses use these earnings to invest in new operations. Others, however,

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What is a Managerial Report? Definition, Purpose, and Key Points to include

Managerial Accounting, Performance Management

Companies and businesses prepare various types of reports. These include both external and internal documents prepared for informed decision-making and other purposes. Of these, the most prevalent external reports include the financial statements. These statements provide meaningful information to both a company’s internal and external stakeholders. However, financial statements have a set format and do

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What Does ‘Management by Exception’ Mean? How Does It Work?

Managerial Accounting, Performance Management

Management is a very significant function in any business organization. All the departments of a business entity will collapse if there is no systematic managerial approach. Therefore, managers at different scales are very crucial to the success of every department and organizational success as a whole. Different management approaches and management styles are adopted across

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