Category: Bookkeeping

Shown on the balance sheet, goodwill is an intangible asset that is created when one company acquires another company for a price greater than its net asset value. Unlike other assets that have a discernible useful life, goodwill is not amortized or depreciated but is instead periodically tested for goodwill impairment. If the goodwill is […]

In this scenario, every stockholder receives additional shares from the firm’s free reserves, but the total market value of the company stays the same. The company’s lack of cash flow is the primary cause of the stock dividend. Although shareholders will perceive very little difference between a stock dividend and stock split, the accounting for […]

He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, […]

This may take the form of a separate balance sheet with a format similar to the one for your business, or you may be asked to fill out a bank form listing your assets and liabilities. Whichever format you use, your personal financial statement categorizes the difference between your assets and liabilities as your net […]

In the double-entry system, all types of income and expenditure accounts are properly maintained so that income tax and VAT returns can be prepared and submitted to the tax authorities. In the double-entry accounting system, each account of each transaction in the business is classified separately. There are recorded instances of double-entry bookkeeping from as […]

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