Nicholson Reeder & Reynolds PA

Accounting Quiz: Q: When revenue is greater than expenses, you have a ___ ? A) Net Loss; B) Historical Valuation; C) Contributed Capital; D) Net profit. A: "D" Net Profit.

Asbestos poses a danger to your health when the particles are inhaled. Exposure can cause respiratory issues and diseases like asbestosis, mesothelioma, and lung cancer.

Did you know that financial audits are not the only kind of audits? Governmental agencies now exercise performance audits, which seek to determine whether companies are meeting their performance objectives, as well as security and information system audits.

Accounting Pop Quiz: Q: Of the following, which is an example of an intangible asset? A) Patent; B) Equipment; C) Cash; D) Building. A: "A" Patent.

Did you know that, unlike other types of accountants, CPAs are repeatedly tested and regulated by the federal government? CPAs are required to take continuing education classes to ensure that they are always current with new rules and regulations.

When trying to keep records and reconcile accounts it’s important to keep every receipt. This doesn’t necessarily mean that you need to keep the paper receipts; there is software that can keep track of all the receipts for you digitally.

LIFO (last-in, first-out) means that the most recent items in inventory are recorded as sold first. Most U.S. companies have tended to use LIFO since the 1970s, as it reduces their income taxes during times of inflation.