What is the matching principle?

The matching principle states that expenses should be recognized in the same period as the revenues they generate.

Can an accountant help set up an employee benefits program?

Yes, they guide on tax implications, pension plans, and compliance requirements.

What is an expense ratio in investment accounting?

Expense Ratio = (Fund Expenses / Assets Under Management) to track operational costs.

What is an accrual in accounting?

An accrual records revenue or expenses before cash is received or paid, ensuring accurate financial reporting.

Do outsourced accountants provide financial training?

Some firms offer training for internal teams on financial management.

What tax breaks are available for teachers?

Educators can deduct up to $300 annually for classroom supplies.

Can I use accounting software without an accountant?

Yes, but having an accountant ensures compliance and accuracy.

What is forensic accounting?

The use of accounting in legal cases like fraud investigations.