Bookkeeping

Practitioners should address regulatory changes, focus on practice management, and help clients plan for the scheduled TCJA sunset. Most senior executives are pleased by the impact of moving their supply chains closer to home, according to a KPMG report. While some large companies have recently made news by making their employees return to the office, another trend is making bigger gains across the employment landscape. Optimism about the U.S. economy […]

To record the transaction, you must debit the expense ($3,000 purchase) and credit the income. Finally, the Cost Principle mandates recording assets at their original purchase price. This means if you buy equipment for $5,000, it remains on the books at that value regardless of market fluctuations. Accurate asset valuation offers insights into resource allocation and investment returns. The Matching Principle connects expenses with revenues generated during the same period. […]