Adam Hill

author
Adam Hill started accounting and trading back in 2007. He has achieved quite a lot of success. Now he decided to open his blog. Here he publishes articles on accounting. For any questions of interest, please contact us by e-mail: [email protected]

8 Types of Audit Evidence Flashcards

Nov 11, 2020 Bookkeeping by Adam Hill
Workpapers summarize your audit actions, such as planning the audit. For example, to support your conclusion that cash is correctly stated on the balance sheet, you may prepare a schedule showing all bank reconciliations affirming that they reconcile without discrepancy to the balance sheet. The Committee on Budgetary Control will vote on the annual report
Read More

How to Calculate Turnover

Nov 10, 2020 Bookkeeping by Adam Hill
When examining the changes in NWC, if current assets are rising – the company is investing money in assets such as inventory. These are cash expenses that are not being captured on the income statement in operational expenses. If current liabilities are rising then the company is “gaining cash” in the sense that it has
Read More

3 Types of Inventory

Nov 10, 2020 Bookkeeping by Adam Hill
The three most important types of inventory are the raw materials, the work in progress (WIP) inventory and the finished goods. Work in process (WIP), work in progress (WIP), goods in process, or in-process inventory are a company’s partially finished goods waiting for completion and eventual sale or the value of these items. Understanding Works-in-Progress
Read More

Acquired Equipment

Nov 10, 2020 Bookkeeping by Adam Hill
The accumulated depreciation balance increases over time, adding the amount of depreciation expense recorded in the current period. Depreciation is how the costs of tangible and intangible assets are allocated over time and use. Both public and private companies use depreciation methods according to generally accepted accounting principles, or GAAP, to expense their assets. The
Read More