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Podcasts are a convenient way for savers to boost their personal finance knowledge.
Accrual accounting is a business term you should know. Bankrate explains.
Accrual accounting is a real-time accounting method that works on the basis that a company is likely to receive money for a product or service at some point. The company records the sale at the point of the transaction, even if the transaction was made using a credit card or deferred payment method.
With accrual accounting, transactions are recorded as they are agreed to instead of when they are completed. That way the company can record revenue or expenses even before the accounting period is over.
A business must use the accrual method of accounting if it has sales in excess of $5 million per year or gross receipts over $1 million per year.
This is in contrast with cash accounting, which only records a transaction at the point the company receives payment. Accrual accounting helps a business better plan its growth strategy, while cash accounting indicates current cash flow. Accrual accounting is considered a truer way of accounting because there is no delay between the income or expense and the exchange of cash.
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Kara’s business used the equivalent of $1,142 in electricity for the month of August. Her electric company sends her the bill, which, under the accrual accounting system, Kara records in the books as a transaction taking place in August. Although she doesn’t actually pay the bill until September, the transaction is recorded as an expense for the month of August.
Podcasts are a convenient way for savers to boost their personal finance knowledge.
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There are many ways scammers can steal identities and use them for gain, usually of a financial nature.
A significant portion of Americans experience financial worries.
Identity theft is a term that covers a variety of crimes in which someone steals another person’s personal information.
Look for a plan with a reputable provider that offers services that make you feel confident.
If you discover the breach early and act without delay, you could minimize the damage.
Here’s a breakdown of where identity theft occurs most often, according to FTC data.
Stay alert and don’t think identity theft can’t happen to you.