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Bookkeeping Category Archives

Online Medical Billing and Coding Certification

A rejected claim is one that has errors that must be corrected and the claim resubmitted. The accuracy of the coding process is generally left up to the coder, but the biller does review the codes to ensure that the procedures coded are billable. Whether a procedure is billable depends on the patient’s insurance plan and the regulations laid out by the payer. Once the…

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What Does a Bookkeeper Do? What is Bookkeeping

To make things easier, many companies opt to use bookkeeping software to keep track of their financial history. A small business can likely do all its own bookkeeping using accounting software. Many of the operations are automated in the software, making it easy to get accurate debits and credits entered. The two foundational tasks in small business bookkeeping are data entry and bank reconciliation. Not…

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Theory of production Economics, Cost & Output

At the right side of the average cost curve, total costs begin rising more rapidly as diminishing returns come into effect. At zero production, the fixed costs of $160 are still present. As production increases, we add variable costs to fixed costs, and the total cost is the sum of the two. This is the marginal product cost and they’re most often related to variable…

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Generally Accepted Accounting Principles GAAP Guidelines & Policies

Although it is not required for non-publicly traded companies, GAAP is viewed favorably by lenders and creditors. Most financial institutions will require annual GAAP-compliant financial statements as a part of their debt covenants when issuing business loans. As a result, most companies in the United States do follow GAAP. Since accounting principles differ around the world, investors should take caution when comparing the financial statements…

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Hedge accounting: IFRS® Standards vs US GAAP

Hedge accounting is a practice in accounting where the entries used to adjust the fair value of a derivative also include the value of the opposing hedge for the security. In other words, hedge accounting modifies the standard method of recognizing losses or gains on a security and the hedging instrument used to hedge the position. An entity choosing to apply the overlay approach retrospectively…

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What Is a Journal Entry in Accounting? A Guide

The record is placed on the credit side of the Accounts Receivable T-account across from the January 10 record. When calculating balances in ledger accounts, one must take into consideration which side of the account increases and which side decreases. To find the account balance, you must find the difference between the sum of all figures on the side that increases and the sum of…

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Form 941 Instructions: How To Fill Out Each Part + State Mailing Addresses

Schedule B breaks down your tax liability for each day of the quarter. Alternatively, you can mail Form 941 directly to the IRS. “The mailing address depends on the state your business is in, whether you’re submitting payment with your return and what quarter you’re filing for,” notes NerdWallet. St. Augustine Contractor Pleads Guilty To Failing To Pay IRS Payroll … – Department of Justice…

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Solved Which of the following items that might appear on a bank Principles Of Accounting I ACCT 2401

In order to prepare a bank reconciliation statement, you need to obtain the current as well as the previous month’s bank statements and the cash book. NSF cheques are an item to be reconciled while preparing the bank reconciliation statement. This is because when you deposit a cheque in your bank account, you consider that the cheque has been cleared by the bank. However, there…

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