October 31, 2021
Charles Lutwidge
Audit Risk Model
Overview Financial audit is a comprehensive check of the economic and financial condition of an organization, verification of the reliability of information in the financial statements of the organization, as well as analysis and assessment of the prospects for its...
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October 30, 2021
Charles Lutwidge
Current Assets Definition
Definition Assets are all business and attracted resources that are used by the company for the purpose of making a profit. These include financial, material, intangible resources. Current assets are funds that the company expects to receive during one financial...
October 29, 2021
Charles Lutwidge
After-Tax Income
Profit before tax Before we discuss after-tax income, let’s review what profit before tax means. Profit before tax is actually nothing more than the total company’s revenue after all expenses have been deducted, but before income tax has been subtracted....
October 28, 2021
Charles LutwidgeWhat is net income
Net income and doing business are strongly linked. New companies are being opened precisely to generate income. Entrepreneurs are actively developing ways to increase the profitability of the business and use material and labor resources more effectively. Therefore, it is...
October 27, 2021
Charles Lutwidge
What is gross income and How it works
The goal of any company is to generate profit. All income minus all expenses – this is how most business owners calculate their success. However, this approach will help determine only one of the types of income – net income,...
October 26, 2021
Charles Lutwidge
Basic Overview of Progressive Tax
Taxes are obligatory payments of individuals and legal entities to the government. There are two types of taxation systems. With a progressive tax structure, the tax owed to the government is calculated using a rate that increases as soon as...
October 24, 2021
Charles Lutwidge
Days Payable Outstanding (DPO)
Accounts Payable Accounts payable is a bookkeeping account you will see in most businesses. It means that the company is buying something from suppliers or receiving services from other entities, but it does not pay for anything until sometime later...
October 23, 2021
Charles Lutwidge
What Is the Equity Method of Accounting?
Overview One of the main advantages of accounting is that in many cases it has clear rules, guidelines, and requirements as to what a business has to do and how it should reflect its various activities on paper. If you...
