If the businesses year ends on some day other than December 31, we say that the business uses a fiscal year. How should that year be named? Recently, I received a question from a student about the correct way to name a fiscal year. The student asked this question because of the way the fiscal … Continue reading How to name a fiscal year
Accountants are typically thought of as detail-oriented people, but I am more of a big-picture person. Here is a good example. About 18 months ago I had an idea to use the solar system as a metaphor for the 1040 tax system. I like this idea because it gives us a 30,000 foot view of … Continue reading Our Tax Solar System and TCJA Structural Changes to It
Last week I ran a poll on Twitter: https://twitter.com/AccountingJenn/status/1096944010034319360 I asked participants to have one of two qualifications: a bachelor's degree in accounting, or a CPA license. The question read: "Has anybody ever told you that they wished they could have pursued a degree in accounting, but they couldn't pass the introductory financial accounting course?" … Continue reading Last week’s poll: introductory financial accounting
Sort of but not really. That's probably not a very satisfying answer so let me explain. Financial accounting courses are not bookkeeping training per se. They are preparation for more advanced courses such as Intermediate Accounting. On the other hand, in my experience solid bookkeeping training (or experience) is excellent preparation for an introductory financial … Continue reading Is bookkeeping taught in financial accounting courses?