Join ACCA Learning Community ACCA Forums Five years ago I switched my firm to a new practice management system. We spent a year of work researching, planning and training a team of 40 for the change, and in three months I realized we’d chosen the wrong system. Additionally, maintaining accurate and up-to-date records ensures adherence […]

ExpensePlus A church accountant must be careful when keeping records on restricted and unrestricted funds. If you remember, church accounting restricted funds are funds designated to specific needs. Transparency is especially important in church environments where organizations count on their members’ support. Accurate accounting will back a straightforward system that promotes trust and a sense […]

Cost of goods sold is the direct expenses incurred by a business for producing a product or delivering a service. To calculate this number, take the inventory at the beginning of a period and add it to the inventory purchased during the period. Lastly, subtract the remaining inventory at the end of the period from […]

Schizoaffective disorder Symptoms and causes Very rarely, statins can cause life-threatening muscle damage called rhabdomyolysis (rab-doe-my-OL-ih-sis). Rhabdomyolysis can cause extreme muscle pain, liver damage, kidney failure, and death. The risk of very serious side effects is extremely low. Only a few cases of rhabdomyolysis occur per million people taking statins. Other possible but rare causes […]

The 8 Steps in the Accounting Cycle This process, known as journalizing, creates a detailed, day-by-day record of all financial events. A typical journal entry includes the date, account names debited and credited, monetary amounts, and a brief description. This provides a complete historical record of the business’s financial activities. Obviously, business transactions occur and […]