Cherry Bekaert
JUNE 25, 2024
Among those regulations are the Cost Accounting Standards (CAS), which are one of the most common challenges faced by emerging government contractors. Compliance with CAS is a contractual obligation, and failure to adhere to these standards can result in financial penalties, contract adjustments and contract termination.
SMBAccountant
DECEMBER 21, 2022
Auditors provide opinions on the accuracy and reasonableness of financial statements. Forensic accountants research financial transactions to uncover fraud. Managerial accountants work to collect and compile data used to make management decisions. Tax accountants specialize in IRS law and completion of tax returns.
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CPA Practice
MAY 7, 2023
147 ensured that these critical costs incurred by cannabusinesses be classified as deductibles for income tax purposes. However, this means that these entrepreneurs must be diligent in their cost accounting or risk leaving deductions on the table – or worse – taking wrongful deductions that can have consequences for your business.
CPA Practice
OCTOBER 31, 2024
By Jim Wesloh Navigating the challenging landscape of cost accounting within the framework of federal contracting requires an understanding of both the Federal Acquisition Regulation (FAR) and Generally Accepted Accounting Principles (GAAP). A sample chart of accounts for government contractors is available to download below.)
Cherry Bekaert
MAY 9, 2024
First, the auditor will review the A&E firm’s financial statements to gain an understanding of the business’s operations and overhead costs. Next, the auditor will review the A&E firm’s allocation of overhead costs to products or services. Q: What is the process for an overhead rate audit?
AccountingDepartment
DECEMBER 28, 2021
Accountants often specialize in different areas such as taxes, financial statements, payroll, inventory, cost accounting, DCAA compliance, and more. People in a broad general field might look similar to outsiders and have transferable skills, but they don’t all have the same expertise.
Going Concern
JULY 1, 2022
Hunzicker recommends approaching the cannabis niche with a broad knowledge base, including a full understanding of “cannabis science, medicinal uses, software tools, and business operations, then layer in accounting — GAAP, cost accounting, the tax codes and the court cases.”
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