Comments for Phoenix, AZ CPA Firm http://www.phxcpas.net Accounting, Income Taxes, Small Business, Estate Returns Mon, 11 Oct 2010 07:06:58 +0000 hourly 1 http://wordpress.org/?v=3.1 Comment on Payroll Service Company Legislation — New Statutes by Phoenix, AZ Accountant Firm: Payroll Service Company Legislation — New Statutes http://www.phxcpas.net/payroll-service-company-legislation-new-statutes/2010/10/#comment-1027 Phoenix, AZ Accountant Firm: Payroll Service Company Legislation — New Statutes Mon, 11 Oct 2010 07:06:58 +0000 http://www.phxcpas.net/payroll-service-company-legislation-new-statutes/2010/10/#comment-1027 [...] more: Payroll Service Company Legislation — New Statutes Bookmark to: Payroll Service Company Legislation — New Statutes Implementation of Payroll [...] [...] more: Payroll Service Company Legislation — New Statutes Bookmark to: Payroll Service Company Legislation — New Statutes Implementation of Payroll [...]

]]> Comment on Taxpayers in the Military — Update by Phoenix, AZ Accountant Firm: Taxpayers in the Military — Update http://www.phxcpas.net/taxpayers-in-the-military-update/2010/10/#comment-1025 Phoenix, AZ Accountant Firm: Taxpayers in the Military — Update Mon, 11 Oct 2010 06:56:56 +0000 http://www.phxcpas.net/taxpayers-in-the-military-update/2010/10/#comment-1025 [...] original post here: Taxpayers in the Military — Update Bookmark to: Taxpayers in the Military — Update Taxpayers in the Military [...] [...] original post here: Taxpayers in the Military — Update Bookmark to: Taxpayers in the Military — Update Taxpayers in the Military [...]

]]> Comment on Spouses of Active Duty Military Members — New by Phoenix, AZ Accountant Firm: Spouses of Active Duty Military Members — New http://www.phxcpas.net/spouses-of-active-duty-military-members-new/2010/10/#comment-1024 Phoenix, AZ Accountant Firm: Spouses of Active Duty Military Members — New Mon, 11 Oct 2010 06:45:34 +0000 http://www.phxcpas.net/spouses-of-active-duty-military-members-new/2010/10/#comment-1024 [...] the original post: Spouses of Active Duty Military Members — New Bookmark to: Spouses of Active Duty Military Members — New Summary of Active Duty Military [...] [...] the original post: Spouses of Active Duty Military Members — New Bookmark to: Spouses of Active Duty Military Members — New Summary of Active Duty Military [...]

]]> Comment on QuickBooks® by Phoenix, AZ Accountant Firm: QuickBooks®, Peachtree & TurboTax Advisors http://www.phxcpas.net/quickbooks/#comment-1022 Phoenix, AZ Accountant Firm: QuickBooks®, Peachtree & TurboTax Advisors Mon, 11 Oct 2010 06:27:22 +0000 http://phxcpa.net/?page_id=200#comment-1022 [...] this article: QuickBooks®, Peachtree & TurboTax Advisors Bookmark to: QuickBooks®, Peachtree & TurboTax Advisors Our accountants are QuickBooks®, [...] [...] this article: QuickBooks®, Peachtree & TurboTax Advisors Bookmark to: QuickBooks®, Peachtree & TurboTax Advisors Our accountants are QuickBooks®, [...]

]]> Comment on State of Arizona Capital Project and Debt Service Funds by State of Arizona Capital Project and Debt Service Funds http://www.phxcpas.net/state-of-arizona-capital-project-and-debt-service-funds/2010/06/#comment-1016 State of Arizona Capital Project and Debt Service Funds Sun, 10 Oct 2010 23:04:01 +0000 http://www.phxcpas.net/?p=400#comment-1016 [...] the article here: State of Arizona Capital Project and Debt Service Funds Bookmark to: State of Arizona Government-Wide Statements and Reporting Entities Either using a [...] [...] the article here: State of Arizona Capital Project and Debt Service Funds Bookmark to: State of Arizona Government-Wide Statements and Reporting Entities Either using a [...]

]]> Comment on Improving Information Accounting Systems by Improving Information Accounting Systems http://www.phxcpas.net/improving-information-accounting-systems/2010/06/#comment-1009 Improving Information Accounting Systems Sun, 10 Oct 2010 18:23:12 +0000 http://www.phxcpas.net/?p=411#comment-1009 [...] more here: Improving Information Accounting Systems Bookmark to: Information System Inputs, Processes and Outputs Information systems infrastructure: [...] [...] more here: Improving Information Accounting Systems Bookmark to: Information System Inputs, Processes and Outputs Information systems infrastructure: [...]

]]> Comment on Information System Inputs, Processes and Outputs by Information System Inputs, Processes and Outputs http://www.phxcpas.net/information-system-inputs-processes-and-outputs/2010/06/#comment-1003 Information System Inputs, Processes and Outputs Sun, 10 Oct 2010 15:54:13 +0000 http://www.phxcpas.net/?p=414#comment-1003 [...] reading here: Information System Inputs, Processes and Outputs Bookmark to: Information System Database Management and Integration Data management and [...] [...] reading here: Information System Inputs, Processes and Outputs Bookmark to: Information System Database Management and Integration Data management and [...]

]]> Comment on Thinking in an Intellectual and Analytical Way by Thinking in an Intellectual and Analytical Way http://www.phxcpas.net/thinking-in-an-intellectual-and-analytical-way/2010/06/#comment-998 Thinking in an Intellectual and Analytical Way Sun, 10 Oct 2010 11:06:58 +0000 http://www.phxcpas.net/?p=418#comment-998 [...] the original post here: Thinking in an Intellectual and Analytical Way Bookmark to: Critical Thinking is Intellectual Thinking Applying critical thinking: Applying [...] [...] the original post here: Thinking in an Intellectual and Analytical Way Bookmark to: Critical Thinking is Intellectual Thinking Applying critical thinking: Applying [...]

]]> Comment on Financial Statements by Financial Statement Users: Users of Financial Reports & Statements http://www.phxcpas.net/financial-statements/#comment-992 Financial Statement Users: Users of Financial Reports & Statements Sat, 09 Oct 2010 19:41:16 +0000 http://phxcpa.net/?page_id=126#comment-992 [...] Financial Statements [...] [...] Financial Statements [...]

]]> Comment on Tax Planning by Financial Statement Users: Users of Financial Reports & Statements http://www.phxcpas.net/tax-planning/#comment-991 Financial Statement Users: Users of Financial Reports & Statements Sat, 09 Oct 2010 19:40:54 +0000 http://phxcpa.net/tax-planning/#comment-991 [...] Tax Planning [...] [...] Tax Planning [...]

]]> Comment on Financial Statement Users by Financial Statements Summary: Statement of Cash Flows Overview http://www.phxcpas.net/financial-statement-users/2010/07/#comment-955 Financial Statements Summary: Statement of Cash Flows Overview Wed, 06 Oct 2010 05:36:41 +0000 http://www.phxcpas.net/?p=599#comment-955 [...] also discuss how financial statements are interrelated with each other; along with detailing why financial statement users, such as managers, investors, creditors, and employees, use the statement of cash [...] [...] also discuss how financial statements are interrelated with each other; along with detailing why financial statement users, such as managers, investors, creditors, and employees, use the statement of cash [...]

]]> Comment on QuickBooks® by Business & Corporate AIS: Dynamics of Accounting & Information Systems http://www.phxcpas.net/quickbooks/#comment-127 Business & Corporate AIS: Dynamics of Accounting & Information Systems Fri, 02 Jul 2010 20:16:30 +0000 http://phxcpa.net/?page_id=200#comment-127 [...] controls. Because threats are constantly and issue to business owners and corporations, accounting information system software and hardware is regularly being changed, updated, and created to meet the particular needs of [...] [...] controls. Because threats are constantly and issue to business owners and corporations, accounting information system software and hardware is regularly being changed, updated, and created to meet the particular needs of [...]

]]> Comment on Financial Statements by Comprehensive Annual Financial Report: Main Components of a CAFR http://www.phxcpas.net/financial-statements/#comment-126 Comprehensive Annual Financial Report: Main Components of a CAFR Fri, 02 Jul 2010 20:07:56 +0000 http://phxcpa.net/?page_id=126#comment-126 [...] section users can locate an independent auditor’s report, management’s discussion and analysis, basic financial statements, required supplementary information, and a combination of financial statements and schedules. A [...] [...] section users can locate an independent auditor’s report, management’s discussion and analysis, basic financial statements, required supplementary information, and a combination of financial statements and schedules. A [...]

]]> Comment on Contact by Phoenix Financial Statement Analysis: Income Statements, Cash Flows, Balance Sheet http://www.phxcpas.net/contact/#comment-125 Phoenix Financial Statement Analysis: Income Statements, Cash Flows, Balance Sheet Fri, 02 Jul 2010 18:20:06 +0000 http://phxcpa.net/?page_id=44#comment-125 [...] We welcome new clients and ask that you schedule an appointment to meet with us at our centrally located offices in the Camelback area of Phoenix. Click here to contact us. [...] [...] We welcome new clients and ask that you schedule an appointment to meet with us at our centrally located offices in the Camelback area of Phoenix. Click here to contact us. [...]

]]> Comment on QuickBooks® by Accounting Profession: Technology & Information Systems Effect http://www.phxcpas.net/quickbooks/#comment-124 Accounting Profession: Technology & Information Systems Effect Fri, 02 Jul 2010 17:32:24 +0000 http://phxcpa.net/?page_id=200#comment-124 [...] QuickBooks® [...] [...] QuickBooks® [...]

]]> Comment on Tax Planning by Full Disclosure Principle: Accounting, Financial Statements, Consequences http://www.phxcpas.net/tax-planning/#comment-123 Full Disclosure Principle: Accounting, Financial Statements, Consequences Fri, 02 Jul 2010 16:55:59 +0000 http://phxcpa.net/tax-planning/#comment-123 [...] to meet the need of information delivered in a timely fashion. This includes interim reporting and financial forecasting reports, so that lenders and investors know the full value of the firm in which they have invested [...] [...] to meet the need of information delivered in a timely fashion. This includes interim reporting and financial forecasting reports, so that lenders and investors know the full value of the firm in which they have invested [...]

]]> Comment on AARP Comprehensive Annual Financial Report by Comprehensive Annual Financial Report: Statement No. 117 Net Asset Classification http://www.phxcpas.net/aarp-comprehensive-annual-financial-report/2010/06/#comment-120 Comprehensive Annual Financial Report: Statement No. 117 Net Asset Classification Thu, 01 Jul 2010 20:39:52 +0000 http://www.phxcpas.net/?p=394#comment-120 [...] one of these based on the existence or absence of donor-imposed restrictions. Notes provided in the AARP’s annual financial report it states, “when the time or program use restrictions are met, the temporarily restricted net [...] [...] one of these based on the existence or absence of donor-imposed restrictions. Notes provided in the AARP’s annual financial report it states, “when the time or program use restrictions are met, the temporarily restricted net [...]

]]> Comment on Different Types of Dividends a Company Can Pay Out by International Accounting Standards: IAS 1, IAS 7, IAS 40 http://www.phxcpas.net/different-types-of-dividends-a-company-can-pay-out/2010/06/#comment-119 International Accounting Standards: IAS 1, IAS 7, IAS 40 Thu, 01 Jul 2010 20:26:57 +0000 http://phxcpa.net/?p=104#comment-119 [...] activities. One of the most significant differences, is that IAS 7 allows for interest and dividends received and paid to be classified as either operating or inventing and [...] [...] activities. One of the most significant differences, is that IAS 7 allows for interest and dividends received and paid to be classified as either operating or inventing and [...]

]]> Comment on Financial Statements by Consolidated Financial Statements: Pros & Cons, Frequency http://www.phxcpas.net/financial-statements/#comment-118 Consolidated Financial Statements: Pros & Cons, Frequency Thu, 01 Jul 2010 20:22:39 +0000 http://phxcpa.net/?page_id=126#comment-118 [...] is it important to consolidate financial statements? It is important to consolidate financial statements so that all stakeholders – parent firm, subsidiary firms, investors, creditors, employees, etc. [...] [...] is it important to consolidate financial statements? It is important to consolidate financial statements so that all stakeholders – parent firm, subsidiary firms, investors, creditors, employees, etc. [...]

]]> Comment on Criteria for Capitalization of Fixed Assets by Asset Depreciation: Purpose, Book Value, Financial Statement Reflection http://www.phxcpas.net/criteria-for-capitalization-of-fixed-assets/2010/06/#comment-117 Asset Depreciation: Purpose, Book Value, Financial Statement Reflection Thu, 01 Jul 2010 19:54:05 +0000 http://phxcpa.net/?p=232#comment-117 [...] what the asset is worth and should the financial statements reflect the value of fixed assets? The book value of a fixed asset does not tell the user what the asset is worth. This is because the book value is a calculation [...] [...] what the asset is worth and should the financial statements reflect the value of fixed assets? The book value of a fixed asset does not tell the user what the asset is worth. This is because the book value is a calculation [...]

]]> Comment on Tax Planning by Financial Reporting Objectives: Legitimate Practices & Upholding Standards http://www.phxcpas.net/tax-planning/#comment-116 Financial Reporting Objectives: Legitimate Practices & Upholding Standards Thu, 01 Jul 2010 19:36:42 +0000 http://phxcpa.net/tax-planning/#comment-116 [...] that the stakeholders and potential investors have the appropriate data needed to make decisions on future planning. Information needed may include knowing how much in dividends will be paid, or how much is earned [...] [...] that the stakeholders and potential investors have the appropriate data needed to make decisions on future planning. Information needed may include knowing how much in dividends will be paid, or how much is earned [...]

]]> Comment on Debt Investments or Equity Investments? by Pension Plans: Defined Contribution Plan or Defined Benefit Plan? http://www.phxcpas.net/debt-investments-or-equity-investments/2010/06/#comment-115 Pension Plans: Defined Contribution Plan or Defined Benefit Plan? Thu, 01 Jul 2010 19:35:42 +0000 http://phxcpa.net/?p=113#comment-115 [...] Should employees have a defined contribution plan or a defined benefit plan? As an employee, I would rather have a defined-contribution plan. Mostly because the trust is separate and distinct from the employer. Another reason is that in a 401k, for example, the employee has more say over how their retirement fund is invested. [...] [...] Should employees have a defined contribution plan or a defined benefit plan? As an employee, I would rather have a defined-contribution plan. Mostly because the trust is separate and distinct from the employer. Another reason is that in a 401k, for example, the employee has more say over how their retirement fund is invested. [...]

]]> Comment on Financial Statements by Full Disclosure Principle: Accounting, Financial Statements, Consequences http://www.phxcpas.net/financial-statements/#comment-114 Full Disclosure Principle: Accounting, Financial Statements, Consequences Thu, 01 Jul 2010 16:52:49 +0000 http://phxcpa.net/?page_id=126#comment-114 [...] Disclosure Principle in Accounting The objective of a firm’s financial statements is to inform users of the company’s financial activities. It is imperative that companies fully [...] [...] Disclosure Principle in Accounting The objective of a firm’s financial statements is to inform users of the company’s financial activities. It is imperative that companies fully [...]

]]> Comment on Deferred Tax Assets and Deferred Tax Liabilities by Liability Recognition: Current, Non-Current, Long-Term Liabilities http://www.phxcpas.net/deferred-tax-assets-and-deferred-tax-liabilities/2010/06/#comment-113 Liability Recognition: Current, Non-Current, Long-Term Liabilities Thu, 01 Jul 2010 16:52:16 +0000 http://phxcpa.net/?p=118#comment-113 [...] capital lease – capital leases are long-term leases that represent a purchase of the asset; (iv) deferred tax liability; (v) pension liability, (vi) mortgages payable; (the last three are fairly straight [...] [...] capital lease – capital leases are long-term leases that represent a purchase of the asset; (iv) deferred tax liability; (v) pension liability, (vi) mortgages payable; (the last three are fairly straight [...]

]]> Comment on What is the purpose of depreciation? by Disposition of Fixed Assets: Exchanges of Assets, Financial Statement Impact http://www.phxcpas.net/what-is-the-purpose-of-depreciation/2010/06/#comment-112 Disposition of Fixed Assets: Exchanges of Assets, Financial Statement Impact Thu, 01 Jul 2010 16:51:34 +0000 http://phxcpa.net/?p=234#comment-112 [...] handled, pending on whether they are similar or dissimilar: The sale of a plant asset consists of recording depreciation for the period of time between the date of the last depreciation entry and the date [...] [...] handled, pending on whether they are similar or dissimilar: The sale of a plant asset consists of recording depreciation for the period of time between the date of the last depreciation entry and the date [...]

]]> Comment on Thinking in an Intellectual and Analytical Way by Critical Thinking: Sales Process, 4 Stages of Buyer's Model http://www.phxcpas.net/thinking-in-an-intellectual-and-analytical-way/2010/06/#comment-111 Critical Thinking: Sales Process, 4 Stages of Buyer's Model Wed, 30 Jun 2010 23:57:50 +0000 http://www.phxcpas.net/?p=418#comment-111 [...] and behaviors must be indulged before determining a best course of action— sales approach, critical thinking must help lead up to the sale. In a simplistic and idealistic buying model, there are typically [...] [...] and behaviors must be indulged before determining a best course of action— sales approach, critical thinking must help lead up to the sale. In a simplistic and idealistic buying model, there are typically [...]

]]> Comment on Tax Planning by Critical Thinking: Identifying Personal Strengths & Weaknesses http://www.phxcpas.net/tax-planning/#comment-110 Critical Thinking: Identifying Personal Strengths & Weaknesses Wed, 30 Jun 2010 23:36:09 +0000 http://phxcpa.net/tax-planning/#comment-110 [...] Tax Planning [...] [...] Tax Planning [...]

]]> Comment on Tax Planning by Critical Thinking: Intellectual Thought Process, Problem Solving Skills http://www.phxcpas.net/tax-planning/#comment-109 Critical Thinking: Intellectual Thought Process, Problem Solving Skills Wed, 30 Jun 2010 21:40:23 +0000 http://phxcpa.net/tax-planning/#comment-109 [...] social and personal settings to the sophisticated realms of the corporate business world, such as tax planning and projecting. Equally as important as thinking intellectually, is evaluating the consequences of [...] [...] social and personal settings to the sophisticated realms of the corporate business world, such as tax planning and projecting. Equally as important as thinking intellectually, is evaluating the consequences of [...]

]]> Comment on Improving Information Accounting Systems by Information System Development Life Cycle: Corporate Accounting Systems http://www.phxcpas.net/improving-information-accounting-systems/2010/06/#comment-106 Information System Development Life Cycle: Corporate Accounting Systems Wed, 30 Jun 2010 00:21:39 +0000 http://www.phxcpas.net/?p=411#comment-106 [...] firm will often create a study team to develop and implement a new information system. The team will conduct each stage of the system development life cycle. When planning and [...] [...] firm will often create a study team to develop and implement a new information system. The team will conduct each stage of the system development life cycle. When planning and [...]

]]> Comment on Information System Inputs, Processes and Outputs by Business Information Systems: Database Management & Integration http://www.phxcpas.net/information-system-inputs-processes-and-outputs/2010/06/#comment-105 Business Information Systems: Database Management & Integration Wed, 30 Jun 2010 00:08:29 +0000 http://www.phxcpas.net/?p=414#comment-105 [...] management and integration: Data is most frequently managed through the use of information systems and databases. A database is a collection of data that is commonly related and stored in [...] [...] management and integration: Data is most frequently managed through the use of information systems and databases. A database is a collection of data that is commonly related and stored in [...]

]]> Comment on Improving Information Accounting Systems by Business & Corporate AIS: Dynamics of Accounting & Information Systems http://www.phxcpas.net/improving-information-accounting-systems/2010/06/#comment-104 Business & Corporate AIS: Dynamics of Accounting & Information Systems Tue, 29 Jun 2010 21:39:19 +0000 http://www.phxcpas.net/?p=411#comment-104 [...] of accounting is widespread in all accounting functions due to the endless evolving of accounting information systems and technology associated with these systems. It is imperative that accounting systems change, not [...] [...] of accounting is widespread in all accounting functions due to the endless evolving of accounting information systems and technology associated with these systems. It is imperative that accounting systems change, not [...]

]]> Comment on QuickBooks® by Improving Information Accounting Systems: Small Business & Corporate Accounts Receivables http://www.phxcpas.net/quickbooks/#comment-103 Improving Information Accounting Systems: Small Business & Corporate Accounts Receivables Tue, 29 Jun 2010 20:42:03 +0000 http://phxcpa.net/?page_id=200#comment-103 [...] QuickBooks® [...] [...] QuickBooks® [...]

]]> Comment on Tax Planning by Accounting Information System Development: Small Business & Corporate Systems http://www.phxcpas.net/tax-planning/#comment-102 Accounting Information System Development: Small Business & Corporate Systems Tue, 29 Jun 2010 20:17:35 +0000 http://phxcpa.net/tax-planning/#comment-102 [...] system issues; not be more costly to maintain. This process includes a data gathering stage, a data analysis stage, and an evaluation of the system’s overall [...] [...] system issues; not be more costly to maintain. This process includes a data gathering stage, a data analysis stage, and an evaluation of the system’s overall [...]

]]> Comment on Tax Planning by Debt & Equity Securities: Trading, Held-to-Maturity, Available-for-Sale http://www.phxcpas.net/tax-planning/#comment-95 Debt & Equity Securities: Trading, Held-to-Maturity, Available-for-Sale Mon, 28 Jun 2010 02:00:52 +0000 http://phxcpa.net/tax-planning/#comment-95 [...] – Preferred stock was purchased for its constant dividend. The company is planning to hold the preferred stock for a long [...] [...] – Preferred stock was purchased for its constant dividend. The company is planning to hold the preferred stock for a long [...]

]]> Comment on Forms of Revenue for Governmental Organizations by Interfund Transfers: Purpose of Transferring Funds, Financial Reporting http://www.phxcpas.net/forms-of-revenue-for-governmental-organizations/2010/06/#comment-93 Interfund Transfers: Purpose of Transferring Funds, Financial Reporting Sun, 27 Jun 2010 22:44:00 +0000 http://www.phxcpas.net/?p=398#comment-93 [...] entity CAFR or another government entity, identify where an interfund transfer has occurred? The Virginia DOA experienced several interfund transfers throughout the fiscal year. One example of an interfund [...] [...] entity CAFR or another government entity, identify where an interfund transfer has occurred? The Virginia DOA experienced several interfund transfers throughout the fiscal year. One example of an interfund [...]

]]> Comment on Financial Statements by State of Arizona CAFR: Government-Wide Statements, Reporting Entities http://www.phxcpas.net/financial-statements/#comment-92 State of Arizona CAFR: Government-Wide Statements, Reporting Entities Sun, 27 Jun 2010 22:32:22 +0000 http://phxcpa.net/?page_id=126#comment-92 [...] been presented using the fund statements: In the State of Arizona’s 2008 CAFR, government-wide statements are presented in the Independent Auditor’s Report. State of Arizona Government-wide Statements [...] [...] been presented using the fund statements: In the State of Arizona’s 2008 CAFR, government-wide statements are presented in the Independent Auditor’s Report. State of Arizona Government-wide Statements [...]

]]> Comment on AARP Comprehensive Annual Financial Report by AARP CAFR: Financial Statements and Reports Required http://www.phxcpas.net/aarp-comprehensive-annual-financial-report/2010/06/#comment-91 AARP CAFR: Financial Statements and Reports Required Sun, 27 Jun 2010 17:30:52 +0000 http://www.phxcpas.net/?p=394#comment-91 [...] are they different or comparable to those provided by organizations that operate for profit? The AARP’s consolidated financial statements include: Independent Auditors’ Report, Consolidated Statements of Financial Position, [...] [...] are they different or comparable to those provided by organizations that operate for profit? The AARP’s consolidated financial statements include: Independent Auditors’ Report, Consolidated Statements of Financial Position, [...]

]]> Comment on Accountability in Reporting for Governmental and Not-for-Profit Organizations by Comprehensive Annual Financial Report: Statement No. 117 Net Asset Classification http://www.phxcpas.net/accountability-in-reporting-for-governmental-and-not-for-profit-organizations/2010/06/#comment-90 Comprehensive Annual Financial Report: Statement No. 117 Net Asset Classification Sun, 27 Jun 2010 17:04:55 +0000 http://phxcpa.net/?p=274#comment-90 [...] the three classifications of net assets established by FASB Statement 117? In accordance with FASB Statement No. 117, not-for-profit organizations must classify their net assets into three categories – unrestricted [...] [...] the three classifications of net assets established by FASB Statement 117? In accordance with FASB Statement No. 117, not-for-profit organizations must classify their net assets into three categories – unrestricted [...]

]]> Comment on AARP Comprehensive Annual Financial Report by Not-for-Profit Contributions: AARP Raising Money via Pledges & Donations http://www.phxcpas.net/aarp-comprehensive-annual-financial-report/2010/06/#comment-89 Not-for-Profit Contributions: AARP Raising Money via Pledges & Donations Sun, 27 Jun 2010 16:33:12 +0000 http://www.phxcpas.net/?p=394#comment-89 [...] by the Foundation and Legal Counsel for the Elderly. Advocacy contributions are received and reported by the AARP directly. These donations are a combination of contributions and [...] [...] by the Foundation and Legal Counsel for the Elderly. Advocacy contributions are received and reported by the AARP directly. These donations are a combination of contributions and [...]

]]> Comment on Financial Statements by Glenn Cheney: FASB Mulls Tightening of Current Liabilities Definition http://www.phxcpas.net/financial-statements/#comment-88 Glenn Cheney: FASB Mulls Tightening of Current Liabilities Definition Fri, 25 Jun 2010 19:29:03 +0000 http://phxcpa.net/?page_id=126#comment-88 [...] Financial Statements [...] [...] Financial Statements [...]

]]> Comment on Difference Between Assurance, Attestation and Auditing Services by Audit Engagement Planning: Purpose, Information to Consider, Scope http://www.phxcpas.net/difference-between-assurance-attestation-and-auditing-services/2010/06/#comment-87 Audit Engagement Planning: Purpose, Information to Consider, Scope Wed, 23 Jun 2010 22:49:44 +0000 http://www.phxcpas.net/?p=382#comment-87 [...] critical information should the auditor consider during engagement planning? During the engagement planning process the auditor should assess several areas of the company’s operations and prior activities. [...] [...] critical information should the auditor consider during engagement planning? During the engagement planning process the auditor should assess several areas of the company’s operations and prior activities. [...]

]]> Comment on Difference Between Assurance, Attestation and Auditing Services by Auditing Profession: Public Accounting as a Guarantor of Results http://www.phxcpas.net/difference-between-assurance-attestation-and-auditing-services/2010/06/#comment-86 Auditing Profession: Public Accounting as a Guarantor of Results Wed, 23 Jun 2010 05:40:39 +0000 http://www.phxcpas.net/?p=382#comment-86 [...] high quality? Often public accounting is viewed as a guarantor of results, or even as a provider of assurance that one’s investment is of high quality for several reason. First, public accounting is often [...] [...] high quality? Often public accounting is viewed as a guarantor of results, or even as a provider of assurance that one’s investment is of high quality for several reason. First, public accounting is often [...]

]]> Comment on Different Types of Dividends a Company Can Pay Out by Statement of Cash Flows: Operating Activities Appear First on Cash Flow Report http://www.phxcpas.net/different-types-of-dividends-a-company-can-pay-out/2010/06/#comment-85 Statement of Cash Flows: Operating Activities Appear First on Cash Flow Report Tue, 22 Jun 2010 23:24:08 +0000 http://phxcpa.net/?p=104#comment-85 [...] cash flows; the firm’s ability to meet current obligations, including repaying creditors and paying dividends to investors; the firm’s reasoning for the difference between net income and net cash flow from operating [...] [...] cash flows; the firm’s ability to meet current obligations, including repaying creditors and paying dividends to investors; the firm’s reasoning for the difference between net income and net cash flow from operating [...]

]]> Comment on What is the purpose of depreciation? by Lease Classification: Operating Leases Versus Capital Leases http://www.phxcpas.net/what-is-the-purpose-of-depreciation/2010/06/#comment-84 Lease Classification: Operating Leases Versus Capital Leases Tue, 22 Jun 2010 23:21:48 +0000 http://phxcpa.net/?p=234#comment-84 [...] its useful life. For instance, a capitalized leased is basically a purchased asset that could be depreciated on the straight-line method or the declining-balance method. Tags: Capital Lease, [...] [...] its useful life. For instance, a capitalized leased is basically a purchased asset that could be depreciated on the straight-line method or the declining-balance method. Tags: Capital Lease, [...]

]]> Comment on Financial Statements by Pooling of Interest: Accounting Method for Business Combinations http://www.phxcpas.net/financial-statements/#comment-83 Pooling of Interest: Accounting Method for Business Combinations Tue, 22 Jun 2010 23:16:58 +0000 http://phxcpa.net/?page_id=126#comment-83 [...] accounting for business combinations was abused by companies in an attempt to report more favorable year-end figures. As history has shown us, many companies will take advantage of loopholes when given the [...] [...] accounting for business combinations was abused by companies in an attempt to report more favorable year-end figures. As history has shown us, many companies will take advantage of loopholes when given the [...]

]]> Comment on Financial Statements by Financial Accounting: Fair Value Cash Flow & Foreign Currency Hedges http://www.phxcpas.net/financial-statements/#comment-82 Financial Accounting: Fair Value Cash Flow & Foreign Currency Hedges Tue, 22 Jun 2010 23:15:54 +0000 http://phxcpa.net/?page_id=126#comment-82 [...] occurs when items purchased by foreign subsidiaries are translated into the firm’s home-country financial statements under the established accounting principles for the country. Tags: Currency, Derivatives, [...] [...] occurs when items purchased by foreign subsidiaries are translated into the firm’s home-country financial statements under the established accounting principles for the country. Tags: Currency, Derivatives, [...]

]]> Comment on Tax Planning by International Accounting Standards Board: History of the IASB, IASC Foundation Role http://www.phxcpas.net/tax-planning/#comment-81 International Accounting Standards Board: History of the IASB, IASC Foundation Role Tue, 22 Jun 2010 23:15:35 +0000 http://phxcpa.net/tax-planning/#comment-81 [...] of financial statements, inventories, cash flow statements, accounting policies, changes in accounting estimates, events after the balance sheet date, construction contracts, income taxes, property, plant and [...] [...] of financial statements, inventories, cash flow statements, accounting policies, changes in accounting estimates, events after the balance sheet date, construction contracts, income taxes, property, plant and [...]

]]> Comment on Consolidated Financial Statements by Financial Statement Consolidating: Goodwill & the Consolidation Process http://www.phxcpas.net/consolidated-financial-statements/2010/06/#comment-80 Financial Statement Consolidating: Goodwill & the Consolidation Process Tue, 22 Jun 2010 23:15:17 +0000 http://phxcpa.net/?p=282#comment-80 [...] significance of goodwill in the consolidation process: When consolidating the financial statements of two or more firms into a single set of financial statements it is necessary, not to mention [...] [...] significance of goodwill in the consolidation process: When consolidating the financial statements of two or more firms into a single set of financial statements it is necessary, not to mention [...]

]]> Comment on Necessity for A Consistent Revenue Recognition Policy by Private Securities Reform Act of 1995: Auditor Liability & Benefit http://www.phxcpas.net/necessity-for-a-consistent-revenue-recognition-policy/2010/06/#comment-79 Private Securities Reform Act of 1995: Auditor Liability & Benefit Tue, 22 Jun 2010 23:09:12 +0000 http://phxcpa.net/?p=248#comment-79 [...] punitive damages through the elimination of securities fraud. This benefits the auditor by providing for treble [...] [...] punitive damages through the elimination of securities fraud. This benefits the auditor by providing for treble [...]

]]> Comment on Contact by Business Record Retention Guide http://www.phxcpas.net/contact/#comment-78 Business Record Retention Guide Tue, 22 Jun 2010 22:37:22 +0000 http://phxcpa.net/?page_id=44#comment-78 [...] of the many federal and state regulations. If specific information is not listed, please contact Jacobsen & Wachterhauser and we will address any further questions you may have [...] [...] of the many federal and state regulations. If specific information is not listed, please contact Jacobsen & Wachterhauser and we will address any further questions you may have [...]

]]> Comment on Contact by Income Tax Returns: Arizona & Federal Income Tax Preparation http://www.phxcpas.net/contact/#comment-77 Income Tax Returns: Arizona & Federal Income Tax Preparation Tue, 22 Jun 2010 22:35:34 +0000 http://phxcpa.net/?page_id=44#comment-77 [...] Contact [...] [...] Contact [...]

]]> Comment on Tax Planning by Tax Planning & Research: Reduce Tax Liablity, Personal, Corporate, Small Business http://www.phxcpas.net/tax-planning/#comment-76 Tax Planning & Research: Reduce Tax Liablity, Personal, Corporate, Small Business Tue, 22 Jun 2010 22:24:14 +0000 http://phxcpa.net/tax-planning/#comment-76 [...] here to learn more about tax planning and reducing tax liability. Tags: Decision Making, Effect of Timing, Income Tax Return, IRS, Maximum Risk Exposure, Tax [...] [...] here to learn more about tax planning and reducing tax liability. Tags: Decision Making, Effect of Timing, Income Tax Return, IRS, Maximum Risk Exposure, Tax [...]

]]> Comment on Financial Statements by Generally Accepted Accounting Principles & The Accounting Cycle http://www.phxcpas.net/financial-statements/#comment-75 Generally Accepted Accounting Principles & The Accounting Cycle Tue, 22 Jun 2010 22:23:11 +0000 http://phxcpa.net/?page_id=126#comment-75 [...] there is an intentional failure by a firm to accurately prepare financial statements, the most severe consequence may be a criminal conviction and prison time for the principal [...] [...] there is an intentional failure by a firm to accurately prepare financial statements, the most severe consequence may be a criminal conviction and prison time for the principal [...]

]]> Comment on QuickBooks® by Which is Most Important to Manage & Track: Cash, Receivables, or Inventory? http://www.phxcpas.net/quickbooks/#comment-74 Which is Most Important to Manage & Track: Cash, Receivables, or Inventory? Tue, 22 Jun 2010 22:21:50 +0000 http://phxcpa.net/?page_id=200#comment-74 [...] would result in income being either understated or overstated. This would also have an effect on stated income balances. A misstatement in inventory could result in the understating or overstating the cost of sales. [...] [...] would result in income being either understated or overstated. This would also have an effect on stated income balances. A misstatement in inventory could result in the understating or overstating the cost of sales. [...]

]]> Comment on Financial Statements by Inventory Systems: Gross Profit & Retail Inventory Method http://www.phxcpas.net/financial-statements/#comment-73 Inventory Systems: Gross Profit & Retail Inventory Method Tue, 22 Jun 2010 22:21:09 +0000 http://phxcpa.net/?page_id=126#comment-73 [...] A company would need to estimate its inventory if a count is needed before the year end, if financial statements are needed at a given point in time, or perhaps a disaster or large theft has taken [...] [...] A company would need to estimate its inventory if a count is needed before the year end, if financial statements are needed at a given point in time, or perhaps a disaster or large theft has taken [...]

]]> Comment on Financial Statements by Asset Depreciation: Purpose, Book Value, Financial Statement Reflection http://www.phxcpas.net/financial-statements/#comment-72 Asset Depreciation: Purpose, Book Value, Financial Statement Reflection Tue, 22 Jun 2010 22:20:54 +0000 http://phxcpa.net/?page_id=126#comment-72 [...] In the very near future GAAP will require the disclosure of the asset’s fair market value in financial statements. Tags: Allocating Costs, Book Value, Depreciation, Fair Market Value, Financial Statements, [...] [...] In the very near future GAAP will require the disclosure of the asset’s fair market value in financial statements. Tags: Allocating Costs, Book Value, Depreciation, Fair Market Value, Financial Statements, [...]

]]> Comment on Tax Planning by Contingency Planning: Contingencies, Financial Reporting, Litigation http://www.phxcpas.net/tax-planning/#comment-71 Contingency Planning: Contingencies, Financial Reporting, Litigation Tue, 22 Jun 2010 22:19:42 +0000 http://phxcpa.net/tax-planning/#comment-71 [...] or activity results in either a future gain or loss for the company. Most companies will create a contingency plan for its activities, should something unfortunate occur. The following are examples of loss [...] [...] or activity results in either a future gain or loss for the company. Most companies will create a contingency plan for its activities, should something unfortunate occur. The following are examples of loss [...]

]]> Comment on Tax Planning by Creative Accounting Practices: Quality of Earnings, Earnings Management http://www.phxcpas.net/tax-planning/#comment-70 Creative Accounting Practices: Quality of Earnings, Earnings Management Tue, 22 Jun 2010 22:18:40 +0000 http://phxcpa.net/tax-planning/#comment-70 [...] practice is referred to as earnings management (a.k.a. creative accounting)—the planned timing of revenues, expenses, gains, and losses to smooth out bumps in [...] [...] practice is referred to as earnings management (a.k.a. creative accounting)—the planned timing of revenues, expenses, gains, and losses to smooth out bumps in [...]

]]> Comment on Tax Planning by Liability Recognition: Current, Non-Current, Long-Term Liabilities http://www.phxcpas.net/tax-planning/#comment-69 Liability Recognition: Current, Non-Current, Long-Term Liabilities Tue, 22 Jun 2010 22:17:34 +0000 http://phxcpa.net/tax-planning/#comment-69 [...] The importance of separating current and non-current liabilities: Because liabilities are listed in the order in which they are due, it is important to list non-current liabilities last because they usually are not recognized within the current accounting cycle. Users of financial reports will often want to know what is currently owed and what is due in the future. [...] [...] The importance of separating current and non-current liabilities: Because liabilities are listed in the order in which they are due, it is important to list non-current liabilities last because they usually are not recognized within the current accounting cycle. Users of financial reports will often want to know what is currently owed and what is due in the future. [...]

]]> Comment on Financial Statements by Government & Not-for-Profits: Fund Accounting, Proprietary Accounting http://www.phxcpas.net/financial-statements/#comment-68 Government & Not-for-Profits: Fund Accounting, Proprietary Accounting Tue, 22 Jun 2010 22:17:05 +0000 http://phxcpa.net/?page_id=126#comment-68 [...] accounting often uses the term funds to refer to working capital. Proprietary accounting will prepare financial statements for use by owners and shareholders, potential investors, creditors, vendors, and government [...] [...] accounting often uses the term funds to refer to working capital. Proprietary accounting will prepare financial statements for use by owners and shareholders, potential investors, creditors, vendors, and government [...]

]]> Comment on Tax Planning by Underpayment of Estimated Tax Penalty: Annualized Method Calculating Form 2210 http://www.phxcpas.net/tax-planning/#comment-67 Underpayment of Estimated Tax Penalty: Annualized Method Calculating Form 2210 Tue, 22 Jun 2010 22:14:20 +0000 http://phxcpa.net/tax-planning/#comment-67 [...] year was $150,000 or less. A taxpayer may be subject to a nondeductible penalty if underpayment of estimated tax [...] [...] year was $150,000 or less. A taxpayer may be subject to a nondeductible penalty if underpayment of estimated tax [...]

]]> Comment on Financial Statements by Foreign Currency Translation: Current Rate Method & Temporal Method http://www.phxcpas.net/financial-statements/#comment-66 Foreign Currency Translation: Current Rate Method & Temporal Method Tue, 22 Jun 2010 22:13:35 +0000 http://phxcpa.net/?page_id=126#comment-66 [...] currency translation? Assets and liabilities are often translated using the exchange rate at the balance sheet date, even when the subsidiary may have prepared their statements earlier in the year. The income [...] [...] currency translation? Assets and liabilities are often translated using the exchange rate at the balance sheet date, even when the subsidiary may have prepared their statements earlier in the year. The income [...]

]]> Comment on Defined Contribution Plan or Defined Benefit Plan? by Retirement Planning: 401k, Defined-Contribution or Defined-Benefit Plan? http://www.phxcpas.net/defined-contribution-plan-or-defined-benefit-plan/2010/06/#comment-65 Retirement Planning: 401k, Defined-Contribution or Defined-Benefit Plan? Tue, 22 Jun 2010 22:13:17 +0000 http://phxcpa.net/?p=117#comment-65 [...] does a pension plan differ from a 401K plan? The main difference between a 401k and a regular pension plan is that with a 401k the employee has much more control over the amount contributed and how the [...] [...] does a pension plan differ from a 401K plan? The main difference between a 401k and a regular pension plan is that with a 401k the employee has much more control over the amount contributed and how the [...]

]]> Comment on Financial Statements by Financial Ratios: Profitability, Liquidity, Activity, Long-Term Leverage Ratio http://www.phxcpas.net/financial-statements/#comment-64 Financial Ratios: Profitability, Liquidity, Activity, Long-Term Leverage Ratio Tue, 22 Jun 2010 22:12:15 +0000 http://phxcpa.net/?page_id=126#comment-64 [...] that can be used for financial statement analysis: Perhaps one of the best tools for analyzing financial statements is to perform a horizontal and vertical analysis. A horizontal analysis can be used to see how a [...] [...] that can be used for financial statement analysis: Perhaps one of the best tools for analyzing financial statements is to perform a horizontal and vertical analysis. A horizontal analysis can be used to see how a [...]

]]> Comment on Financial Statements by International Accounting Standards: IAS 1, IAS 7, IAS 40 http://www.phxcpas.net/financial-statements/#comment-63 International Accounting Standards: IAS 1, IAS 7, IAS 40 Tue, 22 Jun 2010 22:11:15 +0000 http://phxcpa.net/?page_id=126#comment-63 [...] Accounting Standards: IAS No. 1 (Presentation of Financial Statements) requires that when financial statements are prepared, they are done so under the following considerations: (i) fair presentation, (ii) [...] [...] Accounting Standards: IAS No. 1 (Presentation of Financial Statements) requires that when financial statements are prepared, they are done so under the following considerations: (i) fair presentation, (ii) [...]

]]> Comment on Financial Statements by Financial Reporting Guidance: For-Profit, Not-for-Profit, Government http://www.phxcpas.net/financial-statements/#comment-62 Financial Reporting Guidance: For-Profit, Not-for-Profit, Government Tue, 22 Jun 2010 22:10:15 +0000 http://phxcpa.net/?page_id=126#comment-62 [...] in for-profit and government organizations include: Government organizations prepare their financials for the public at large, whereby they can be judged based on their ability to do good with the [...] [...] in for-profit and government organizations include: Government organizations prepare their financials for the public at large, whereby they can be judged based on their ability to do good with the [...]

]]> Comment on QuickBooks® by Sarbanes-Oxley Act of 2002: Accountability, Financial Statements http://www.phxcpas.net/quickbooks/#comment-43 Sarbanes-Oxley Act of 2002: Accountability, Financial Statements Fri, 18 Jun 2010 21:28:11 +0000 http://phxcpa.net/?page_id=200#comment-43 [...] auditor to perform. The following services cannot be performed by auditors, in accordance with SOX: bookkeeping related to the accounting records or financial statements of the audit client, financial [...] [...] auditor to perform. The following services cannot be performed by auditors, in accordance with SOX: bookkeeping related to the accounting records or financial statements of the audit client, financial [...]

]]> Comment on Goodwill Impairment and the Consolidation Process by Financial Statement Consolidating: Goodwill & the Consolidation Process http://www.phxcpas.net/goodwill-impairment-and-the-consolidation-process/2010/06/#comment-53 Financial Statement Consolidating: Goodwill & the Consolidation Process Thu, 17 Jun 2010 21:29:08 +0000 http://phxcpa.net/?p=278#comment-53 [...] into a single set of financial statements it is necessary, not to mention extremely important, to consolidate all assets, liabilities, expenses, and revenues. If any major factor of any of the firms is left out, i.e. [...] [...] into a single set of financial statements it is necessary, not to mention extremely important, to consolidate all assets, liabilities, expenses, and revenues. If any major factor of any of the firms is left out, i.e. [...]

]]> Comment on Financial Statements by International Accounting Standards Board: History of the IASB, IASC Foundation Role http://www.phxcpas.net/financial-statements/#comment-29 International Accounting Standards Board: History of the IASB, IASC Foundation Role Thu, 17 Jun 2010 17:40:55 +0000 http://phxcpa.net/?page_id=126#comment-29 [...] is to aid the transparency and comparability of the information in financial statements and other financial reports. Other IASC Foundation objectives include the promotion of the use and rigorous application of each [...] [...] is to aid the transparency and comparability of the information in financial statements and other financial reports. Other IASC Foundation objectives include the promotion of the use and rigorous application of each [...]

]]> Comment on Current Rate Method and Temporal Method by Financial Accounting: Fair Value Cash Flow & Foreign Currency Hedges http://www.phxcpas.net/current-rate-method-and-temporal-method/2010/06/#comment-54 Financial Accounting: Fair Value Cash Flow & Foreign Currency Hedges Mon, 14 Jun 2010 18:48:51 +0000 http://phxcpa.net/?p=280#comment-54 [...] currency translations? The main difference between accounting for foreign currency transactions and foreign currency translations is that a transaction is recorded in the currency in which it was purchased; whereas translation [...] [...] currency translations? The main difference between accounting for foreign currency transactions and foreign currency translations is that a transaction is recorded in the currency in which it was purchased; whereas translation [...]

]]> Comment on Financial Statements by SFAS 116 and 117: Statements of Financial Accounting Standards 116 & 117 http://www.phxcpas.net/financial-statements/#comment-28 SFAS 116 and 117: Statements of Financial Accounting Standards 116 & 117 Sat, 12 Jun 2010 21:54:06 +0000 http://phxcpa.net/?page_id=126#comment-28 [...] In accordance with Statement 117, all not-for-profit organizations must provide a statement of financial position, a statement of activities, and a statement of cash flows. In addition, organizations must report amounts for its total assets, liabilities, and net assets in the statement of financial position; report the organization’s change in net assets in the statement of activities; and report the change in cash and cash equivalents in the statement of cash flows. [...] [...] In accordance with Statement 117, all not-for-profit organizations must provide a statement of financial position, a statement of activities, and a statement of cash flows. In addition, organizations must report amounts for its total assets, liabilities, and net assets in the statement of financial position; report the organization’s change in net assets in the statement of activities; and report the change in cash and cash equivalents in the statement of cash flows. [...]

]]> Comment on Financial Statements by GASB Accounting: Government & Not-for-Profit Organizations http://www.phxcpas.net/financial-statements/#comment-26 GASB Accounting: Government & Not-for-Profit Organizations Fri, 11 Jun 2010 14:08:07 +0000 http://phxcpa.net/?page_id=126#comment-26 [...] How do proprietary businesses measure success following the FASB accounting guidelines? Proprietary businesses measure success following the FASB accounting guidelines by, first, operating in order to maximizing their profits, then reporting to the FASB their profits or losses, operating activity, and assets & liabilities through the use of financial statements. [...] [...] How do proprietary businesses measure success following the FASB accounting guidelines? Proprietary businesses measure success following the FASB accounting guidelines by, first, operating in order to maximizing their profits, then reporting to the FASB their profits or losses, operating activity, and assets & liabilities through the use of financial statements. [...]

]]> Comment on Necessity for A Consistent Revenue Recognition Policy by Balance Sheet: Ramifications of Failure to Fully Disclose Items http://www.phxcpas.net/necessity-for-a-consistent-revenue-recognition-policy/2010/06/#comment-50 Balance Sheet: Ramifications of Failure to Fully Disclose Items Sun, 06 Jun 2010 20:44:56 +0000 http://phxcpa.net/?p=248#comment-50 [...] with the failure to fully disclose items related to the balance sheet: There can be numerous ramification of failure to fully disclose items related to the balance sheet. For example, corporate records would be distorted, such as [...] [...] with the failure to fully disclose items related to the balance sheet: There can be numerous ramification of failure to fully disclose items related to the balance sheet. For example, corporate records would be distorted, such as [...]

]]> Comment on Necessity for A Consistent Revenue Recognition Policy by Revenue Recognition Policy: Record Revenue When Realized or Earned http://www.phxcpas.net/necessity-for-a-consistent-revenue-recognition-policy/2010/06/#comment-49 Revenue Recognition Policy: Record Revenue When Realized or Earned Sun, 06 Jun 2010 18:31:04 +0000 http://phxcpa.net/?p=248#comment-49 [...] the varying means at which they are marketed and sold. Problems associate with organization’s revenue recognition policies have caused the Securities and Exchange Commission (SEC) to step up its enforcement of regulating [...] [...] the varying means at which they are marketed and sold. Problems associate with organization’s revenue recognition policies have caused the Securities and Exchange Commission (SEC) to step up its enforcement of regulating [...]

]]> Comment on Different Types of Dividends a Company Can Pay Out by Classifying Liabilities: Current Liability or Long-Term Liability? http://www.phxcpas.net/different-types-of-dividends-a-company-can-pay-out/2010/06/#comment-13 Classifying Liabilities: Current Liability or Long-Term Liability? Sun, 06 Jun 2010 03:18:06 +0000 http://phxcpa.net/?p=104#comment-13 [...] payable, current maturities of long-term debt, short-term obligations expected to be refinanced, dividends payable, customer advances and deposits, unearned revenues, sales taxes payable, income taxes payable, and [...] [...] payable, current maturities of long-term debt, short-term obligations expected to be refinanced, dividends payable, customer advances and deposits, unearned revenues, sales taxes payable, income taxes payable, and [...]

]]> Comment on Criteria for Capitalization of Fixed Assets by Research & Development Costs: Expensing Intangible Assets http://www.phxcpas.net/criteria-for-capitalization-of-fixed-assets/2010/06/#comment-47 Research & Development Costs: Expensing Intangible Assets Sun, 06 Jun 2010 02:42:54 +0000 http://phxcpa.net/?p=232#comment-47 [...] wages, office supplies, rent, etc. Whereas property, plant, and equipment are considered to be fixed assets that could be converted back into cash meaning they are capitalized on the company’s financial [...] [...] wages, office supplies, rent, etc. Whereas property, plant, and equipment are considered to be fixed assets that could be converted back into cash meaning they are capitalized on the company’s financial [...]

]]> Comment on Financial Statements by Types of Depreciation: Methods Used to Calculate Depreciation http://www.phxcpas.net/financial-statements/#comment-23 Types of Depreciation: Methods Used to Calculate Depreciation Sun, 06 Jun 2010 02:09:11 +0000 http://phxcpa.net/?page_id=126#comment-23 [...] the cost of the equipment over the first few years of their lives. This would affect the income statement more-so over the first few years of its life and less over the later years. Straight-line and units [...] [...] the cost of the equipment over the first few years of their lives. This would affect the income statement more-so over the first few years of its life and less over the later years. Straight-line and units [...]

]]> Comment on Criteria for Capitalization of Fixed Assets by Types of Depreciation: Methods Used to Calculate Depreciation http://www.phxcpas.net/criteria-for-capitalization-of-fixed-assets/2010/06/#comment-45 Types of Depreciation: Methods Used to Calculate Depreciation Sun, 06 Jun 2010 01:58:13 +0000 http://phxcpa.net/?p=232#comment-45 [...] utilize the activity method; however, on the other hand a company that uses low maintenance and long-life assets, such as a building, requiring regular repair and maintenance would most likely use the [...] [...] utilize the activity method; however, on the other hand a company that uses low maintenance and long-life assets, such as a building, requiring regular repair and maintenance would most likely use the [...]

]]> Comment on Cash, Receivables, or Inventory. Which is Most Important to Manage? by Ways to Estimate Bad Debt: Overstating & Understating Net Income Affect http://www.phxcpas.net/cash-receivables-or-inventory-which-is-most-important-to-manage/2010/06/#comment-44 Ways to Estimate Bad Debt: Overstating & Understating Net Income Affect Sat, 05 Jun 2010 20:59:13 +0000 http://phxcpa.net/?p=227#comment-44 [...] not recognized in the books, net income will be overstated. Bad debt must be a reasonable amount of stated receivables that are anticipated not to be collected. If a firm does have accounts receivables that are [...] [...] not recognized in the books, net income will be overstated. Bad debt must be a reasonable amount of stated receivables that are anticipated not to be collected. If a firm does have accounts receivables that are [...]

]]> Comment on QuickBooks® by Inventory Methods: Perpetual & Periodic Inventory Systems http://www.phxcpas.net/quickbooks/#comment-41 Inventory Methods: Perpetual & Periodic Inventory Systems Sat, 05 Jun 2010 20:07:12 +0000 http://phxcpa.net/?page_id=200#comment-41 [...] Why would a company choose one inventory tracking method over another and which method is better? Depending on the product being sold or perhaps even the type of industry, a company may choose how to best track their inventories. Wal-Mart, for example, tracks their inventory on a real time basis (a perpetual system). This is due to the quantity and variety of the goods they sell, and their desire to keep a close eye on all of it! On the other hand, a company that provides wooden crates to grocery stores, hardware stores, supply stores etc., need only take an inventory count periodically. [...] [...] Why would a company choose one inventory tracking method over another and which method is better? Depending on the product being sold or perhaps even the type of industry, a company may choose how to best track their inventories. Wal-Mart, for example, tracks their inventory on a real time basis (a perpetual system). This is due to the quantity and variety of the goods they sell, and their desire to keep a close eye on all of it! On the other hand, a company that provides wooden crates to grocery stores, hardware stores, supply stores etc., need only take an inventory count periodically. [...]

]]> Comment on Financial Statements by Statement of Cash Flows: Operating Activities Appear First on Cash Flow Report http://www.phxcpas.net/financial-statements/#comment-20 Statement of Cash Flows: Operating Activities Appear First on Cash Flow Report Thu, 03 Jun 2010 03:36:19 +0000 http://phxcpa.net/?page_id=126#comment-20 [...] appear first on the statement of cash flows? Operating activities are presented first on the statement of cash flows because of the importance that net cash has on the usefulness of the financial statement. One of [...] [...] appear first on the statement of cash flows? Operating activities are presented first on the statement of cash flows because of the importance that net cash has on the usefulness of the financial statement. One of [...]

]]> Comment on Defined Contribution Plan or Defined Benefit Plan? by Pension Expense Components: Interest Rates, Amortization, Actuary Approach http://www.phxcpas.net/defined-contribution-plan-or-defined-benefit-plan/2010/06/#comment-18 Pension Expense Components: Interest Rates, Amortization, Actuary Approach Wed, 02 Jun 2010 04:17:57 +0000 http://phxcpa.net/?p=117#comment-18 [...] during the current year; (ii) interest on the liability – interest accrued each year on the projected benefit obligation; (iii) Actual return on plan assets – return earned on accumulated pension fund assets [...] [...] during the current year; (ii) interest on the liability – interest accrued each year on the projected benefit obligation; (iii) Actual return on plan assets – return earned on accumulated pension fund assets [...]

]]> Comment on Deferred Tax Assets and Deferred Tax Liabilities by Net Operating Losses: Tax Benefits, Loss Carryforward, Loss Carryback http://www.phxcpas.net/deferred-tax-assets-and-deferred-tax-liabilities/2010/06/#comment-17 Net Operating Losses: Tax Benefits, Loss Carryforward, Loss Carryback Wed, 02 Jun 2010 03:14:42 +0000 http://phxcpa.net/?p=118#comment-17 [...] taxable income for up to twenty years. Loss Carryforward journal entries are recorded as a debit to Deferred Tax Asset and a credit to Benefit Due to Loss Carryforward; this method is also reported on the Income [...] [...] taxable income for up to twenty years. Loss Carryforward journal entries are recorded as a debit to Deferred Tax Asset and a credit to Benefit Due to Loss Carryforward; this method is also reported on the Income [...]

]]> Comment on Debt Investments or Equity Investments? by Held-to-Maturity & Trading Securities: Classifications & Financial Statement Impact http://www.phxcpas.net/debt-investments-or-equity-investments/2010/06/#comment-15 Held-to-Maturity & Trading Securities: Classifications & Financial Statement Impact Tue, 01 Jun 2010 19:25:57 +0000 http://phxcpa.net/?p=113#comment-15 [...] net income until after the securities are sold. Trading securities are reported at fair value, with unrealized holding gains and losses reported as part of net [...] [...] net income until after the securities are sold. Trading securities are reported at fair value, with unrealized holding gains and losses reported as part of net [...]

]]> Comment on Different Types of Dividends a Company Can Pay Out by pligg.com http://www.phxcpas.net/different-types-of-dividends-a-company-can-pay-out/2010/06/#comment-12 pligg.com Tue, 01 Jun 2010 10:28:47 +0000 http://phxcpa.net/?p=104#comment-12 <strong>Types of Dividends a Company Can Pay Out...</strong> Nice short article on the different types of dividends a company can pay to shareholders. Not all dividends are paid in cash.... Types of Dividends a Company Can Pay Out…

Nice short article on the different types of dividends a company can pay to shareholders. Not all dividends are paid in cash….

]]> Comment on Diluted EPS Vs Basic EPS by Owner's Equity: Keeping Paid-in Capital Separate from Earned Capital http://www.phxcpas.net/diluted-eps-vs-basic-eps/2010/06/#comment-9 Owner's Equity: Keeping Paid-in Capital Separate from Earned Capital Tue, 01 Jun 2010 05:08:33 +0000 http://phxcpa.net/?p=97#comment-9 [...] capital is more important to an investor; and from an investor’s perspective, whether basic or diluted earnings per share is most [...] [...] capital is more important to an investor; and from an investor’s perspective, whether basic or diluted earnings per share is most [...]

]]> Comment on Diluted EPS Vs Basic EPS by Derivative Instruments: Why Do Companies Use Derivative Instruments? http://www.phxcpas.net/diluted-eps-vs-basic-eps/2010/06/#comment-8 Derivative Instruments: Why Do Companies Use Derivative Instruments? Tue, 01 Jun 2010 04:28:20 +0000 http://phxcpa.net/?p=97#comment-8 [...] derivatives a good investment? Derivatives can be a good investment assuming that the derivative gains in value between the time that a contract is agreed upon and the time that the company takes [...] [...] derivatives a good investment? Derivatives can be a good investment assuming that the derivative gains in value between the time that a contract is agreed upon and the time that the company takes [...]

]]> Comment on Different Types of Dividends a Company Can Pay Out by Stock Option Benefit: Stock Compensation is a Company Expense http://www.phxcpas.net/different-types-of-dividends-a-company-can-pay-out/2010/06/#comment-11 Stock Option Benefit: Stock Compensation is a Company Expense Tue, 01 Jun 2010 04:03:07 +0000 http://phxcpa.net/?p=104#comment-11 [...] his/her option, they will be eligible to receive a portion of the company’s retained earnings – dividends. As such, this is an expense associated to the [...] [...] his/her option, they will be eligible to receive a portion of the company’s retained earnings – dividends. As such, this is an expense associated to the [...]

]]> Comment on Diluted EPS Vs Basic EPS by Stock Split Purpose & Benefits: Effect on Market Value & Investors http://www.phxcpas.net/diluted-eps-vs-basic-eps/2010/06/#comment-7 Stock Split Purpose & Benefits: Effect on Market Value & Investors Tue, 01 Jun 2010 03:33:59 +0000 http://phxcpa.net/?p=97#comment-7 [...] chose to split their stock at the height of a boom market, the chances are likely that the market value per share would decrease as the market declined. However, if after a stock split the company exceeded [...] [...] chose to split their stock at the height of a boom market, the chances are likely that the market value per share would decrease as the market declined. However, if after a stock split the company exceeded [...]

]]> Comment on Different Types of Dividends a Company Can Pay Out by Similarities & Differences Between Common & Preferred Stock http://www.phxcpas.net/different-types-of-dividends-a-company-can-pay-out/2010/06/#comment-10 Similarities & Differences Between Common & Preferred Stock Tue, 01 Jun 2010 03:05:38 +0000 http://phxcpa.net/?p=104#comment-10 [...] Do you, as a shareholder, want preferred or common stock? As a shareholder I would prefer to have common stock in a company, especially if I had a strong long-term interest in it, such as an owner or board member might. Otherwise, I would rather have preferred stock, because this is a guarantee on my investment and because it is in the form of a stated rate, I can pretty much bank on this dividend income. [...] [...] Do you, as a shareholder, want preferred or common stock? As a shareholder I would prefer to have common stock in a company, especially if I had a strong long-term interest in it, such as an owner or board member might. Otherwise, I would rather have preferred stock, because this is a guarantee on my investment and because it is in the form of a stated rate, I can pretty much bank on this dividend income. [...]

]]> Comment on Record Retention Guide by John Wang http://www.phxcpas.net/record-retention-guide/2009/10/#comment-2 John Wang Thu, 15 Apr 2010 21:13:06 +0000 http://phxcpa.net/?p=42#comment-2 Very informative. Sometimes I notice I keep sensitive documents far longer than I should, this list you have provided will be useful as I do some spring cleaning. Very informative. Sometimes I notice I keep sensitive documents far longer than I should, this list you have provided will be useful as I do some spring cleaning.

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