Under the Income Tax Act, an assessee has to fulfill the following conditions to claim depreciation expense: The asset should be owned by the assessee. If an assessee carries on business or profession ...

Several depreciation methods exist, reflecting how assets lose value over time or usage. Understanding depreciation helps investors assess company expenses ... you’d adjust accordingly until ...

Companies that have experienced financial success in 2024 may be staring down a substantial tax bill. One relatively straightforward method of lowering net income is to accelerate the regularly ...

Unexpected expenses and market fluctuations may mean you have to adjust your financial goals and budget during a fiscal period. One Harvard Business School guide defines common terms you’ll need ...

Adjust entries for accrued interest to match revenue ... There are a few oddities in accounting and finance, the largest being that the financial world typically works on the assumption of a ...

Net loss of $9.2 million for the quarter inclusive of a $6.3 million non-cash charge for contingent obligation, compared with a net loss of $5.1 ...

How much your insurance costs can be a hefty expense, too. But there are some smart ways you can save on your auto insurance every year. After 100+ test drives over the year, here are the 10 best ...

the company would then create an adjusting entry of $100 to account for the payment. On the flip side, the company purchasing the good or service will record the transaction as an accrued expense ...

Jamie Johnson is a Kansas City-based freelance writer. Her work has been featured on several of the top finance and business sites in the country, including Insider, USA Today, Bankrate, Rocket ...