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Inherent risk is the chance of material misstatement in financial statements before considering internal controls. Auditors assess it by...

A payroll deduction is an amount an employer withholds from an employee’s paycheck for specific purposes. These can be mandatory, like...

CFO remuneration refers to the total compensation a Chief Financial Officer (CFO) receives for their role. It includes a base salary...

To void a check, take a blank check and write the word “VOID” clearly in large letters across the front, covering the payment lines...

Here are the main types of wages: Time Wages – Paid based on time worked (hourly, daily, monthly). Piece Wages – Paid per unit of work...

A journal entry is the formal way of recording a business transaction in the accounting books. It follows the double-entry system...

Accounts receivable refers to the money a business is owed by its customers for goods or services delivered on credit. It is recorded as...

A general entry, also called a journal entry, is the basic record of a financial transaction in accounting. It includes the date...

Zero-proof bookkeeping is a method of recording transactions where the books always balance to zero. Every debit has a matching credit...

Working capital is the difference between a company’s current assets (like cash, accounts receivable, and inventory) and current...

I often hear the term full-service bookkeeping when looking at accounting solutions, but I’m not sure what it actually includes. Does it...

I often hear the term “Senior Manager” used in organizations, but I’m not sure what exactly the role includes. Is a Senior Manager...

I’ve been reading about companies undergoing corporate debt restructuring to manage financial stress, but I’m not entirely clear on the...

To delete your Cash App account, open the app and log in. Tap your profile icon, go to Support > Account Settings > Close Account, and...

I know both statutory and internal audits are important, but what are the main differences? Which areas do they focus on, and how does...