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A tariff is a government-imposed tax or duty on imported or exported goods. It is used to regulate trade, protect domestic industries, generate revenue, and influence international economic relations by making foreign products more expensive than local ones.

Accrued interest is the interest that builds up on a loan, bond, or investment but hasn’t been paid yet. It represents the amount owed from the last payment date to the present, recorded as income or expense.

A Special Executive Officer (SEO) is a government-appointed individual authorized to perform administrative, legal, or revenue-related duties. They assist in law enforcement, public administration, and documentation processes, ensuring smooth governance while supporting officials in carrying out...

Connecticut’s Tax-Free Week usually takes place in August, offering shoppers a chance to save on clothing and footwear under a specific price limit. In 2025, it is scheduled from August 17 to August 23.

Full-service bookkeeping is the complete management of a company’s financial records, including recording transactions, reconciling accounts, managing payroll, preparing financial statements, and ensuring tax compliance. It provides accurate, up-to-date insights for decision-making, saving...

To set up a trust, decide your goals, choose a trustee, outline beneficiaries, and draft a trust deed with legal help. Register it if required by law, and fund the trust by transferring assets into it.

The main purpose of bookkeeping is to accurately record and organize all financial transactions of a business. It helps track income, expenses, assets, and liabilities, ensuring financial clarity, compliance with regulations, and a reliable basis for informed decision-making.

Corporate Debt Restructuring (CDR) is a process where financially stressed companies reorganize or renegotiate their outstanding debts with creditors. It aims to restore business viability, improve liquidity, and ensure repayment through revised terms, extended timelines, or reduced interest...

The accounting treatment for share buybacks involves reducing the company’s cash and shareholders’ equity. Treasury shares are recorded at cost, and any difference between buyback price and nominal value is adjusted against share premium or retained earnings.

Statutory audit is a mandatory external review of financial statements to ensure legal compliance, while internal audit is an ongoing internal process focusing on risk management, operational efficiency, and internal controls to support organizational governance and compliance.

Accounts Receivable Days formula measures how long it takes a company to collect payments from customers. It is calculated as: (Accounts Receivable ÷ Net Credit Sales) × Number of Days. It reflects efficiency in managing credit and cash flow.

An audit screening tool is a digital or manual system used to evaluate financial records, compliance, and processes. It helps identify potential risks, discrepancies, and improvement areas, ensuring accuracy and efficiency in audits before a detailed review.

Around 90% of small businesses fail due to poor financial management, lack of market demand, weak business planning, ineffective marketing strategies, and inability to adapt to changing trends, leading to unsustainable growth and eventual closure.

To grow an HVAC business, focus on quality service, build strong customer relationships, invest in local marketing, offer maintenance plans, leverage online reviews, train your team regularly, and expand service areas. Consistency and trust drive long-term growth and referrals.

Prevailing wage is the standard pay rate set by law for workers in a specific job and location, ensuring fair wages based on local industry standards, often used in government contracts to prevent underpayment and promote fair competition.