Delving Into Forensic Accounting
According to a 2022 Allied Market Research report, the size of the global forensic accounting market is forecast to increase in value to $11.68 billion in 2031, up from its 2021 estimated value of $5.13 billion. Allied Market Research puts this…
Defining and Understanding Reproduction Costs
When it comes to businesses looking to mitigate risk, one concept that’s important to explore is reproduction costs. The first step is to distinguish between reproduction and replacement costs. Replacement cost refers to how much it would…
Different Ways to Value a Business
When it comes to valuing a business, there are many ways to examine a company’s profitability. Looking at a business’ liquidation value and its breakup value are two of…
How Secure 2.0 Will Impact Employers’ Tax Situations
The Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022, otherwise known as SECURE 2.0, is a piece of legislation that focuses on how employers and their employees are able to save for…
Defining an Impaired Asset
When it comes to defining an impaired asset, its fair market value is worth less than the original cost of the asset – or more formally, its carrying value. As a company re-evaluates its assets’ value, and…
Understanding the Weighted Average Cost (WAC) Method for Inventory Valuation
When it comes to businesses and their inventory and accounting methods for managing it, there are a few different ways to approach the task. The three different options to value inventory/implement cost flow assumptions, include…
Defining and Calculating Amortization
When there’s a question of the benefit that tangible or intangible assets provide businesses, there are many factors that must be weighed to make internal accounting procedures effective. Businesses must determine how the…
Auditing: What it is & Why It’s Done
Auditing typically refers to an objective review of a company’s financial statements, which consists of the cash flow statement, the income statement and the balance sheet. It analyzes the level of accuracy…
Financial Accounting Overview
Financial accounting is how accounting professionals document, compile and outline how a business performs financially over a discrete period of time. Unlike cost accounting, which is used primarily for internal short and…
How Cost Accounting Helps Businesses Measure Performance
Cost accounting is a type of accounting that analyzes a business’ complete production costs by looking at both variable and fixed costs. This includes the concepts of marginal costing, lean accounting, standard…