The financial scandals of the early 2000s, including Enron, Tyco, and WorldCom, fundamentally changed corporate accountability in America. Congress responded with the Sarbanes-Oxley Act of 2002, establishing rigorous financial reporting standards for publicly traded companies. While the Act doesn’t directly …
posted in Accounting Knowledge
Important Note: This article provides general information about business structures. Consult with qualified legal and accounting professionals before making business formation decisions. Choosing the right business structure affects your taxes, liability, and growth potential. Understanding corporation advantages and disadvantages helps …
posted in Business
Inflation significantly impacts financial reporting accuracy, making understanding current cost accounting vs. constant dollar accounting essential for accounting professionals and CPA candidates. These alternative accounting methods address the limitations of traditional historical cost accounting when dealing with changing price levels …
posted in Accounting Knowledge
Understanding the key players in the auditing process is crucial for nonprofit organizations to ensure financial transparency, regulatory compliance, and organizational integrity. Whether you’re delegating audit committee roles for the first time or improving existing procedures, this comprehensive guide …
posted in Accounting Knowledge
Long-term assets form the backbone of a company’s operational capacity, representing significant investments that provide economic benefits for more than one year. Understanding how to properly account for these assets and calculate their depreciation is essential for accurate financial reporting …
posted in Accounting Knowledge
Last Updated: June 2025 | Reviewed by Accounting Professional Accounting theory and practice form the foundational pillars of modern financial management, shaping how organizations measure performance, allocate resources, and communicate value to stakeholders. This comprehensive guide examines the essential theoretical …
posted in Accounting Knowledge
Understanding real-world accounting fraud cases provides invaluable lessons for current and aspiring CPAs. These examples illustrate how fraudulent schemes evolve, the warning signs that signal their presence, and the professional standards that help prevent them. This comprehensive analysis examines 13 …
posted in Articles
In a profession often stereotyped as number-crunching and regulation-focused, accountants consistently demonstrate that their expertise extends far beyond spreadsheets and tax returns. These financial professionals serve as trusted advisors, community pillars, and sometimes even lifesavers through their unique combination of …
posted in CareerUncovering one of the most famous hacking episodes in history started with a $0.75 accounting discrepancy. In 1986, a remote user of a minicomputer at the Lawrence Berkeley National Laboratory used up 9 seconds of processing time. Each department and …
posted in Business