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Operational Internal Controls Penn: Office of Audit, Compliance and Privacy

This record will be compared to the actual cash on hand during the daily balancing of the register or cash box. Records of deposits made must be documented and retained to assist in the performance of reconciliations. Reconciliations between book and bank balances must be performed on a monthly basis and documentation that the reconciliation […]

Cost Of Goods Sold Vs Operating Expenses: What Is The Main Difference?

These are costs incurred from borrowing or earning income from financial investments. The difference between cost and expense is that cost identifies an expenditure, while expense refers to the consumption of the item acquired. These terms are frequently intermingled, which makes the difference difficult to understand for those people training to be accountants. A key […]

Construction-in-Progress-Accounting & Why Your Business Needs It

Most companies hire a chief financial officer to maintain these records and avoid costly accounting errors. To calculate the earned revenue to date, Construction Ltd then needs to multiply the percentage complete (25%) by the total estimated profit ($400,000). You can then use the percentage of work completed figure to calculate the earned revenue, multiplying […]

Creatinine Levels: Test, Range & Symptoms of High Creatinine

Congress has not enacted all 12 appropriations acts since fiscal year (FY) 1997, however. Instead, Congress has relied on CRs to keep agency operations funded. Since FY1998, Congress has enacted 125 CRs to keep federal agencies funded. CRs typically serve as stopgap legislation to keep agencies funded while Congress debates full-year appropriations acts. The creatinine […]