Bookkeeping and Accounting Terms




To convert any financial figure into a yearly amount.

Audit Trail

Checking every entry in your books to and matching them with paperwork, audit trail is the list of transactions in the order they occurred.

Retained Earnings

Prior year profits that are kept after payments to stockholders.

Schedule Cost Variance

Difference between budget cost and the recorded cost of work already performed.

Accounting Records

The assorted journals of a business and the paperwork associated with these records.

Quality Control

Internal processes to solidify an optimal audit performance by practitioners. Proper supervision and accounting management is important to remain compliant.

Tax Planning

Analysis of the different options available before beginning tax prep work to minimize liability and costs in the future.




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