Accounting Methods- Free Helpful Information About Accounting Definitions

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MAG Partners, Ltd. sells grass seed on a wholesale basis. Profits recently turned down for no apparent reason. However, the partners were savvy enough to investigate the sales department's ability to pass on recent price increases to customers.

Organize your small-business accounting system by function. Often there's just one person there to do all the transaction entries. From an internal control standpoint, this isn't desirable. Having too few people doing all the accounting opens the door for fraud and embezzlement. Companies with more people assign functions in such a way that those done by the same person don't pose a control threat.

Sales, the sales figure represents the amount of revenue generated by the business. The amount recorded here are the total sales, less any product returns or sales discounts. Cost of goods sold, this number represents the costs directly associated with making or acquiring your products. Costs include materials purchased from outside suppliers used in the manufacture of your product, as well as any internal expenses directly expended in the manufacturing process.

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Amortization, In the course of doing business, you will likely acquire what are known as intangible assets. These assets can contribute to the revenue growth of your business and, as such, they can be expensed against these future revenues. An example of an intangible asset is when you buy a patent for an invention.

An increased need for accountants and auditors also will arise from changes in legislation related to taxes, financial reporting standards, business investments, mergers, and other financial events. As a result of accounting scandals at several large corporations, Congress passed the Sarbanes-Oxley Act of 2002 in an effort to curb corporate accounting fraud. This legislation requires public companies to maintain well-functioning internal controls to ensure the accuracy and reliability of their financial reporting. It also holds the company's chief executive personally responsible for falsely reporting financial information.

All States use the four-part Uniform CPA Examination prepared by the American Institute of Certified Public Accountants (AICPA). The CPA examination is rigorous, and less than one-half of those who take it each year passes every part, they attempt on the first try. Candidates are not required to pass all four parts at once, but most States require candidates to pass all four sections within 18 months of passing their first section. The CPA exam is now computerized and is offered 2 months out of every quarter at various testing centers throughout the United States. Most States also require applicants for a CPA certificate to have some accounting experience; however, requirements vary by State or jurisdiction.

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