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In this article, we’ll explain more about each financial statement, why and when nonprofits need financial statements, and share examples of how organizations have used…

This is where you’ll list the things your nonprofit owes, such as your accounts payable, grants payable (if you give grants to other organizations), debt,…

Ideally, you would have far more assets without restrictions than with restrictions. If you haven’t seen one for your organization yet or want to try…

Cost is defined as all costs that were necessary to get the asset in place and ready for use. definition of accumulated depreciation These assets…

With tools like asset management software and integrated depreciation tracking, organizations can manage depreciation seamlessly and improve reporting accuracy. Then there’s units of https://www.bookstime.com/articles/fractional-cfo production,…

Since revenue is only recognized when it is earned, deferred revenue appears as a liability on a company’s balance sheet. As products or services are…

As a freelance accountant, your day will vary depending on the business you are working for, but here is a general overview of a freelance…

The first step in accounting for obsolete inventory involves identifying which items in a company’s inventory have become obsolete. This can be achieved through various…

They adjust the balances of accounts to reflect the actual financial position of a company. A contra account is subtracted from its related account on…

Each of these shareholders is entitled to his share in the profit generated by the company through its operations. When profit is actually earned, the…