Accounting and Tax Services in Richmond, VA .

Accounting word of the week

Financial analysis is a means for a company to monitor and evaluate a firms financial position, to plan future financing, and to determine the rate of growth. There are three main areas where a company would do a financial analysis on. They include the following areas: 1.) the liquidity of the company 2.) the efficiency of the company; 3.) and the profitability of the company. A & C Bookkeeping Services can provide this service to our clients. Please contact us for more de

Benefits and Costs of FASB ASU:Leases (842)

In February 2016, the Financial Accounting Standards Board (FASB) updated the accounting treatment of Leases. Today, we will highlight some of the benefits and costs associated with new adoption of ASU No. 2016-02, Leases (Topic 842), as outlined by FASB. The benefits of adopting the new standard are as follow: It eliminates one of the largest source of off balance-sheet financing It is the most reflective of financial position of lessee It improves comparability It addresse

Accounting word of the week

This week we will be discussing two methods of accounting: 1. Cash method 2. Accrual method The cash method is a method of recogonizing revenue and expenses when cash received or disbursed rather than when earned or incurred. The accrual method is a method of recogonizing revenue when earned and when expenses incurred. They are recorded at the end of the accounting period even though cash not been received or when expenes have been paid. An example of accrual method is reve

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