A foreign earned income exclusion means that your income from a foreign source is not subject to U.S. taxation. These are earned income from wages and professional fees, but not amounts distributed from corporate profits. Foreign earned income does not include social security benefits and railroad retirement benefits, which are treated as social security. It […]
If you’re planning on starting your career as a financial accountant, one of the Best Financial Accounting Courses is the Introduction to Finance and Banking Specialization at The University of Pennsylvania. This course provides an overview of the three basic financial statements: the income statement, the balance sheet, and the statement of cash flows. You’ll […]
When you’re running a startup, it can be extremely difficult to keep track of finances. You probably do not want to add one more thing to the already difficult task of running a business. Manual accounting can make the process of keeping track of your financials even more difficult. After all, you must record transactions […]
You probably have heard of Basic Accounting Terms before, but you don’t know exactly what they mean. This guide explains these terms and provides easy-to-understand definitions. A basic understanding of accounting is important for anyone who earns income. It’s even helpful for those who run small businesses, because having a basic understanding of how accounting […]
When you look at the financial statements of your company, you are likely to see at least two of the Three Accounting Reports. The income statement is probably the most important, since it reveals the results of your business’s operations. The balance sheet, on the other hand, may present a different picture. Regardless, the two […]
Despite the fact that most of us don’t pay taxes, the government still collects money from us to run our country. The income collected from taxation comes from a variety of sources, such as individual income taxes, payroll taxes, sales and use taxes, and social security taxes. Tax revenue varies among countries, and while the […]
A Master of Science in Accounting and Financial Management program at Temple University’s Fox School of Business focuses on the development of managerial and financial management skills, and prepares students for the CPA Exam. This program is tailored to working professionals in accounting, management, supply chain roles. Students may choose to focus on finance, which […]
There are several different types of accounts in the field of accounting. In general, debits increase accounts and credits decrease them. Here are the most common types and their functions. The purpose of each is to provide the entity with the information it needs for decision-making. Depending on the nature of the business, an account […]
Accounting or accountancy is the basic measurement, interpretation, and reporting of financial and non-financial data about companies and other financial entities. This includes information regarding purchases, sales, cash flows, inventory, accounts payable and receivable, as well as the balance sheet. Accounting uses several tools to collect, process, record, communicate, analyze, and provide information needed by […]
Accounting is a process of gathering financial information to be used in decision-making by a body or persons having the power to control or act on that information. Accounting is normally acknowledged as the collection, recording, interpretation, and reporting of information about financial and/or non-financial entities including corporations and companies. Accounting is a way of […]
