What is a transaction processing system?
A transaction processing system is a type of information technology system that processes or executes transactions that occur in the normal course of business. Examples include receiving orders from customers, processing shipments to customers, paying employees, etc. Transaction processing systems are not typically uses to make strategic decisions.
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What are deferred inflows and outflows in encumbrance accounting?
For deferred outflows of resources, its the consumption of resources that relates to future periods. This is similar to prepaid expense as we’re consuming net assets now and deferring the expense to a future period. For deferred inflows of resources, it’s the acquisition of net assets that is applicable to a future period. So for deferred […]
When does a company perform a goodwill impairment test?
Under U.S. GAAP, a public company must test goodwill for impairment at least once annually. The company must use discretion to determine when the test is performed (i.e., what month?). The important thing to remember is that U.S. GAAP does indicate that the goodwill impairment test should be performed at the same time each year. […]
Changes to CPA Exam Effective July 2022
The purpose of this page is to describe the changes to the CPA exam that will be effective for candidates testing after July 2022. The good news is that the changes are minor and focus on reflecting the most recent changes in technical guidance. Overall, there have not been any topics added or deleted and […]