Bookkeeping

12 1 Identify and Describe Current Liabilities Principles of Accounting, Volume 1: Financial Accounting

Some states do not have sales tax because they want to encourage consumer spending. Those businesses subject to sales taxation hold the sales tax in the Sales Tax Payable account until payment is due to the governing body. Since our sample balance sheets focused on the stockholders’ equity section of a corporation, we want to …

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Bookkeeping for Nonprofits: Best Practices, Tips, Resources, FAQs

Restricted net assets are donations that have certain terms and restrictions attached, have special accounting procedures, and must be kept separate from other net assets. For more information about how to create a budget, check out the National Council of Nonprofits guide to Budgeting for Nonprofits. Nonprofits have tight rules around what they can and …

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