Recent content by Gaurav

I wanted to clarify a common accounting question: Is retained earnings an asset? Many beginners assume it is, but retained earnings are actually part of equity, not assets. They represent the accumulated profits a company keeps in the business instead of distributing as dividends. Although...

Personal Finance Management (PFM) is the process of planning, budgeting, saving, investing, and managing your money to achieve your short- and long-term financial goals, such as buying a home or retiring comfortably. It entails understanding and controlling your income and expenses, managing...

An audit trail is a thorough record that documents all financial transactions or system activity in chronological order. It identifies who carried out an activity, what changes were made, when, and where. Audit trails promote openness, accuracy, and accountability, making it easier to uncover...

The three C's of auditing are compliance, control, and competence. Compliance guarantees that an organization adheres to laws, rules, and internal procedures. Control entails assessing internal systems and processes to avoid mistakes or fraud. Competence refers to the abilities and credentials...

Hi everyone, I keep hearing about the Big 4 audit firms in accounting and finance discussions. Can someone explain who they are and what makes them so dominant in the industry? I’m also curious about the kind of services they offer beyond auditing and why so many professionals aim to work for...

Hi everyone, I’m a student at UC San Diego and I’ve been hearing about the UCSD Degree Audit tool. Can someone explain what it is used for and how to access it? I’d like to know how it helps track completed and pending course requirements for my major and graduation progress. Any tips or common...

To ensure a seamless payroll processing process, payroll businesses focus on a few key factors. Their top priorities are: Accuracy The process of accurately computing salaries, taxes, and deductions Compliance: Respect for local, state, and federal labor regulations. Timeliness: to guarantee...

Semi-monthly refers to getting paid twice a month, typically on predetermined dates like the 1st and 15th, for a total of 24 pay periods annually. Bi-weekly refers to receiving payment every two weeks, for a total of 26 pay periods annually. Although they can change, the pay dates are always...

In the UK, gross income, income tax rates, National Insurance contributions, tax code, pension deductions, student loan repayments, and any applicable personal allowances or benefits all affect salaries after taxes.

An American penny's zinc coin has a tiny layer of copper on it. By 1982, the coins had 2.5 percent copper and 97.5 percent zinc. This was carried out to reduce production costs. The current penny is primarily made of inner zinc, which makes it lighter and less expensive to make, even though...

Among the most lucrative industries are those in technology and finance.

There are various business structure options, and each has unique tax and legal ramifications. One person owns a sole proprietorship, which is easy to set up but exposes the owner to personal liability. Profits and liabilities are shared by two or more owners in a partnership. Limited Liability...

I’m preparing for the upcoming tax season and getting set up with TaxSlayer Pro. I wanted to ask if anyone here has experience logging in and managing their account, and what things you found useful or problematic.

I’m evaluating Taxslayer pro for my tax-preparation business and wanted to get input from those who’ve used it. Below are what I’ve found so far – and the questions I have. Would appreciate any real-world feedback.

Hi everyone, I have a question: Which tax year are we filing for in 2025? I want to make sure I understand whether 2025 filings are for income earned in 2024 or 2025. Any clarification on deadlines, forms, and common considerations would be really helpful. Thanks in advance!