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It precisely conveys an event’s frequency or occurrence, often in formal contexts such as business documents or academic writings. In real-life situations, you may need…

Choosing the right accounting method is essential to accurately reflect the nonprofit’s financial activities. The Notes to the Financial Statements provide additional context and explanations…

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…