All 956 questions have been answered personally by Harold Averkamp, CPA, MBA. Harold is the sole-author of all the instructional content found on AccountingCoach.com. Read More…
You can use the Internet to learn bookkeeping at a low cost. For example, you can read clear explanations of debits and credits, adjusting entries, financial statements, bank reconciliation, payroll accounting and more at no cost on AccountingCoach.com. You will also find… Read More.
There is no single GPA (grade point average) that assures you of being hired by a CPA firm. I have seen firms pass over a student with a near-perfect GPA (3.97 out of 4.0) and hire a student with a 3.2 GPA.… Read More.
The income statement of a sole proprietorship will not report any salary expense for the sole proprietor who works in the business. However, if the business is a regular corporation, the income statement will report as salary expense the amount that the… Read More.
My top 3 reasons for a company to prepare a bank reconciliation are: To be certain that the amount of cash reported on the company's balance sheet (and the balance in its general ledger Cash account) is the correct amount. The additions… Read More.
The employer's Social Security tax rate for 2014 is 6.2% of each employee's first $117,000 of wages, salaries, etc. If an employee has wages, salaries, etc. that are greater than $117,000, the amount in excess of $117,000 is not subject to the… Read More.
If an accounting internship is optional, there are many factors to consider. The students who have been leaders in their college accounting organizations and have been courted by several CPA firms will likely have job offers without participating in the internship program.… Read More.
The balance sheet reports a company's assets, liabilities, and owner's equity as of the last instant of an accounting year. Generally, the amount of the owner's equity will have changed from the previous balance sheet amount due to the company's net income… Read More.
None of the financial statements will report the value of a business. The main financial statements (balance sheet, income statement, statement of cash flows, statement of stockholders' equity) may provide some helpful partial information, but they will not report the value of… Read More.
The employee's Social Security tax rate for 2014 is 6.2% of the first $117,000 of wages, salaries, etc. An employee's 2014 earnings that are in excess of $117,000 are not subject to the Social Security tax. The Social Security tax is one… Read More.
The self-employed person's FICA tax rate for 2014 is 15.3% on the first $117,000 of net income and then 2.9% on the net income that is in excess of $117,000. The self-employed person's FICA tax rate for 2014 consists of the following:… Read More.