Category: Bookkeeping

Materiality allows you to expense the entire $20 cost in the year it is acquired. The reason is that no investor, creditor, or other interested party would be misled by immediately expensing the $20 wastebasket. In order to reinforce the role materiality plays in the preparation of financial statements and help companies exercise judgement, we… Continue reading Materiality Concept of Accounting Transaction Significance

Staying on top of your expenses can be one of the most tedious parts of running a business, but you’ll be grateful you did when it comes time to balance the books. Here’s how to write an accurate expense report to make your life easier down the line. An accounting system that doesn’t record accruals… Continue reading What is an Expense Report? Excel Templates Included