Accounting for Governmental & Nonprofit Entities

par | Fév 10, 2022 | Bookkeeping

Fund accounting and net asset classification are pivotal concepts in government and nonprofit accounting, respectively. These methods reflect how each sector manages and reports its financial resources, ensuring transparency and accountability. With this in mind, the...

Contingent Liabilities Definition + Examples

par | Nov 26, 2021 | Bookkeeping

Contingent liabilities are recorded on the balance sheet only if the conditional event is likely to occur and the liability can be reasonably estimated. Based on the outcome of the underlying event that is set to occur in the future, the financial obligation can be...