Accounting

Funds are not to be taken home or stored at a private residence or in a motor vehicle. Funds, even grouped funds, over $1,000 must be stored in a fireproof safe in an alarmed room. Contact Public Safety, Investigations Division, for further questions regarding security. A request to establish a petty cash fund and its amount will be reviewed for need and will be granted or denied by the Director of Financial Accounting. Denied requests may be appealed to the Office of the Treasurer.
One asset i […]

On January 1, the store records in the purchases account the beginning balance of inventory as $15,520. From January 1 through March 31, the store orders three shipments of additional envelopes, each at a cost of $2,250. For any business that carries inventory, or products stored for future sale, it is necessary to keep track of what is currently on hand. Some businesses keep track of inventory using a periodic inventory system.

For the periodic inventory method, there’s no need to conti […]

A lot of our customers ask for advise on whether they should assess risks by Inherent Risk, Residual Risk or both. While our software supports the ranking and assessment of both, the value of assessing Inherent Risk is limited. Good security teams know that just because you’ve put up a fence, doesn’t mean that you’ve eliminated all risk; something that isn’t possible. Attackers might hurl themselves against the fence, something small might get through, or maybe something […]

In this type of plan, the employer provides a predetermined periodic payment to employees after they retire. The amount of this future payment depends upon a number of future events, such as estimates of employee lifespan, how long current employees will continue to work for the company, and the pay level of employees just prior to their retirement.
Governments will likely report pension expense more quickly than under the prior standards; however, how or whether this information is used in ass […]

This Statement contains disclosure requirements that provide descriptions of asset retirement obligations and reconciliations of changes in the components of those obligations. Some current practice views a retirement obligation as a contingent liability and applies FASB Statement No. 5, Accounting for Contingencies, in determining when to recognize a liability. The measurement objective in this Statementis fair value, which is not compatible with a Statement 5 approach. A fair value measuremen […]

Revenue from business activities, such as the sale of services or products at a small business, cannot be recorded as revenue until it is earned. Accrued revenue affects net income calculations regardless of whether revenue is recorded when it is earned or when payment is received. SaaS businesses sell pre-paid subscriptions with services that are rendered over time and hence require the use of the accrual basis of accounting. Revenue recognition in SaaS is done when the service is rendered and […]