Content Step 2: Closing the expense accounts Free Accounting Courses Journalizing and Posting Closing Entries Accruing Income Tax Expense What Is Wrong if a Company Doesn’t Complete the Closing Entries? However, an intermediate account called Income Summary usually is created. Revenues and expenses are transferred to the Income Summary account, the balance of which clearly… Continue reading Closing Revenue, Expense, and Dividend Accounts
Category: Bookkeeping
Tax Division Employment Tax Enforcement
Content Special Issues for Employers: Other Issues Tax exclusion vs. tax deduction vs. tax credit What are tax exclusions? Key Elements of the U.S. Tax System Understanding Employment Taxes Contributions above 5 percent of your pay will not be matched. Deductions for Optional Life Insurance (Option A (Standard Optional), Option B (Additional Optional), and Option… Continue reading Tax Division Employment Tax Enforcement
Bookkeeping vs Accounting: What’s the Difference?
Content Timekeeper Salaries Financial Auditor Average Wages Accounting career paths to partner or CFO What Training Do You Need to Be a bookkeeper vs Accountant? Jacob Dayan, Esq. Control Your Bookkeeping and Accounting All in One However, their years of experience, your state and the complexity of your accounting needs affect the price. CFAs must… Continue reading Bookkeeping vs Accounting: What’s the Difference?