EDNA Vlog

You've researched how to account for a transaction, and it says to use the "interest method." Feeling like you've now got more questions than answers? While the interest method can seem like a monumental risk, we break it down for you in this CPE-eligible, eLearning course (0.5 CPE)! We walk through what the interest method is, as explained in ASC 835, where it is commonly used in U.S. GAAP, and how the method works. Hoping for a step-by-step example? You're in luck! We included two examples in this online course so you can truly understand how to calculate the effective rate and apply the interest method in practice. Take our self-study eLearning course here: https://revolution.gaapdynamics.com/learn/course/internal/view/elearning/59/interest-method-and-effective-interest-rates Learn more about GAAP Dynamics: https://www.gaapdynamics.com/ Check out our other online courses on the Revolution: https://revolution.gaapdynamics.com/learn/catalog Subscribe to GAAP Dynamics to see more videos like this!

Once the auditor has a solid understanding of the company’s purchasing the process, the auditor can identify significant accounts in the purchasing process and relevant assertions. Significant accounts for the purchasing process can include accounts payable, accrued expenses, and many of the expenses that appear on the income statement. The auditor should also examine transactions that affect accounts payable, such as purchase transactions and cash disbursement transactions. With respect to accounts payable, management is asserting that: • Liabilities represent actual obligations of the company (existence) • All liabilities and related expenses or assets have been recorded (completeness) • All liabilities and related expenses or assets have been recorded in the correct period (cutoff) • All liabilities and related expenses or assets have been recorded for the correct amount (valuation) • Expenses have been recorded in the correct account (classification) Completeness is one of the most important assertions for accounts payable. Accounts payable are often associated with an expense, so failing to record accounts payable will not only reduce liabilities on the balance sheet but reduce expenses on the income statement. The auditor thus needs to search for unrecorded liabilities. The cutoff assertion is related to completeness, as management may try to reduce liabilities and expenses by postponing the recording of accounts payable until after the end of the period. Alternatively, management might close the books early (e.g., December 27 instead of December 31) to avoid recording a liability at the end of the period. The auditor should thus look carefully at accounts payable recorded immediately following the end of the period. Existence is not as important as completeness and cutoff, as management has little incentive to overstate accounts payable. The company’s employees, however, might create fictitious accounts payable or try to run personal expenses through accounts payable. For these reasons, the existence assertion is relevant, as some accounts payable might not be real obligations of the company. The valuation assertion is also relevant, as management has an incentive to understate liabilities. In some cases, the company’s vendors might overstate amounts due to them. Classification can be an issue for the expenses that are recognized in conjunction with accounts payable. Misclassification of expenses has been a factor in numerous high-profile frauds. WorldCom, for example, classified routine expenses as capital expenditures, which stretched the recognition of the expenses over a longer time horizon. 0:00 Introduction 0:28 Identify significant accounts (accounts payable) 1:31 Transactions affecting accounts payable 2:54 Identify the relevant assertions 3:09 The completeness assertion for accounts payable 4:13 The existence assertion for accounts payable 5:38 The cutoff assertion for accounts payable 6:30 The valuation assertion for accounts payable 6:52 The classification assertion for accounts payable 7:32 Assertions for purchase transactions and cash disbursement transactions — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education freely available to the world. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES AND SPREADSHEETS * http://eepurl.com/dIaa5z — SUPPORT EDSPIRA ON PATREON *https://www.patreon.com/prof_mclaughlin — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/ * https://michaelmclaughlin.com

In this video, you’ll learn about Income tax deductions and how you can save tax on your income! #incometaxdeductions #savetax #wallstreetmojo #itrtax #tax #deductions Make sure you take an accountant's help before submitting your tax report, as mistakes can lead to errors and notices from the tax department. Chapters: 00:00 – Introduction 00:50 – What are income tax deductions? 00:55 – What is Deduction on investments like PPF, EPF, or ELSS? 00:50 – What are Deduction under section 80 C 01:05 – What are Deduction under 80 CCD 01:05 – What are Deduction on National Pension Scheme or the Atal Pension Yojana 01:27 – What are Deduction on home loan? 01:27 – What are Deduction under section 24? 01:56 – What are Deduction on medical insurance? 01:56 – What are Deduction under section 80 D? 02:12 – What are Deduction on medical insurance: Senior citizen parents? 02:31 – What are Deduction on education loan? 02:31 – What are Deduction under section 80 E? 02:51 – What are Deduction on donations? 02:51 – What are Deduction under section 80 G? 03:14 – What is the Standard deduction for salaried individuals? 04:10 – Tax calculation on 10lac. 05:00 – Conclusion (Explained in detail in the video) Did you know, you can pay zero tax on an income of Rs. 10 lakh a year and save Rs. 60,000 on taxes paid? Well, you can use the various income tax deductions the government has provided us and save almost Rs. 60,000 on the income tax on income of up to Rs. 10 lakh. Here are some prominent income tax deductions: (Explained in detail in the video) 1. Deduction on investments 1.5 lakh if you invest that money in PPF, EPF, or ELSS under section 80 C of the Income Tax Act. (Explained in detail in the video) Rs. 50,000 under section 80 CCD if you invest the money in the National Pension Scheme or the Atal Pension Yojana. (Explained in detail in the video) 2. Deduction on home loan Rs. 2,00,000 of interest repayment on that loan under section 24 of the Income Tax Act. (Explained in detail in the video) 3. Deduction on medical insurance Premiums you have taken for yourself, your spouse, and your kids: section 80 D: Rs. 25,000. Senior citizen parents: Rs. 50,000. (Explained in detail in the video) 4. Deduction on education loan Interest paid under section 80 E of the Income Tax Act. (Explained in detail in the video) 5. Deduction on donations Upto 100% donation section 80 G. (Explained in detail in the video) 6. Standard deduction for salaried individuals Rs. 50,000 without investing anywhere. With this, the total deductions equal Rs. 5,25,000 without education home loans or donations benefits. (Explained in detail in the video) So even if your yearly income is, say, Rs. 10 lakhs, you are paying zero tax. If you didn’t take the benefit of all these deductions, your tax liability would be of Rs. 75,000 depending on the tax brackets you would fall under. How Rs. 75,000? (Explained in detail in the video) But, if you take the benefit of all the deductions that are available to you, you can save on that much amount. That’s a savings of around Rs. 75,000, which is all yours to keep. If you don’t want to miss out on such videos, then subscribe to our channel. 😊 Don’t forget to like the video, comment, and also share. This keeps us inspired to create better videos! ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo

… e and goodwill impairment under gaap and the international standard. So for assets to be held and used different guidelines are…

Discover How to Manage People Effectively at Work. Go to https://www.bizmove.com to get a free business plan template, plus dozens of tools for managing and starting a business, featuring dozens of templates, books, worksheets, tools, software, checklists, videos, manuals, and spreadsheets. All completely free, no strings attached. Also see here how I managed to save hundreds on car insurance (my dirty little trick): https://www.bizmove.com/auto-car-insurance.

In this video, you’ll learn step by step how to file ITR online. #incometaxreturn #itronline #wallstreetmojo #incometaxfiling #itr #online Make sure you take an accountant's help before submitting your tax report, as mistakes can lead to errors and notices from the tax department. Chapters: 00:00 – Introduction 00:39 – How to file Income tax Return Online? 04:05 – Conclusion Are you among the seven-crore people that have already filed their taxes, or are you lagging behind? You might be thinking that filing ITR is a tedious process, but actually, the filing part is the easy part and what’s difficult is the calculations part, for which you might need to consult an accountant. (Explained in detail in the video) We will take you through the process of filing online tax. 1. Open income tax India e-filing portal: https://www.incometax.gov.in/iec/foportal 2. Register for a new account, or log in to the portal. (Explained in detail in the video) 3. On the Dashboard click on the option of “File Now”. 4. Select the assessment year and mode of filing. (Explained in detail in the video) 5. Select “Start filing now”, if you are doing it for the first time, & it will send you to a new page. if you’ve already commenced the process earlier and have saved a draft, you can start from where you left off. 6. Select status applicable, we will select “Individual”. (Explained in detail in the video) 7. Select the ITR you want to fill. **If you don’t know we have already covered it in our previous video!** The next step would be validating your returns breakup. It'll already be pre-filled if you have Form 16. After that, you need to make changes, if there are any. If you don’t have form16, enter all the details manually. (Explained in detail in the video) Enter personal details asked on the portal. Now you need to provide information on your total gross income from various sources. **If you don’t know then we have also covered it in our previous videos!** After income, you can move on to the tax deduction part. (Explained in detail in the video) If you don’t know deduction, **we have covered that in our next video! ** In the end, the portal will calculate the total tax that you are supposed to pay to the government. This might seem like an elaborate process, but this new portal does make things easy and seamless. After all that details, the portal will ask you to confirm, and the usual verification process followed by application submission Again, if you are completely new to this, consider consulting an accountant. Better safe than sorry, isn’t it? (Explained in detail in the video) So, this was all about income tax returns filing online process. If you don’t want to miss out on such videos, then subscribe to our channel. 😊 Don’t forget to like the video, comment, and also share. This keeps us inspired to create better videos! ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo

In this video, you’ll learn about income tax returns and the different types of income tax return forms. #incometaxreturn #ITR #wallstreetmojo #incometaxfiling #incometaxreturnforms *Make sure you take an accountant's help before submitting your tax report, as mistakes can lead to errors and notices from the tax department.* Chapters: 00:00 – Introduction 00:38 – What is Income tax 00:50 – What is an Income tax return or ITR? 02:02 – Different types of ITR forms 02: 32 – Comparison chart of ITR forms. 02:43 – What is ITR 1? 03:04 – What is ITR 2? 03:28 – What is ITR 3? 03:45 – What is ITR 4? 04:05 – Conclusion In 2021, the Indian government collected around 14 lakh crore rupees in income taxes. Income tax returns are like the bread and butter of chartered accountants. Every year, we have to pay income tax to the government, and we do that through income tax returns. What is an Income tax return? Income tax return is a form you must fill out to pay income taxes to the government. (Explained in detail in the video) You need to file your income tax online at www.incometaxindia.com website. The due date for filing income tax is usually 31st July, but the tax department may extend the date. Different types of ITR forms There are seven ITR forms in total. Form numbers 5 to 7 are for business, while form numbers 1 to 4 are for individuals. In this video, we’ll only stick to ITR 1 to ITR 4. To simplify things for you, we have compared each form side by side, which will give you a clear understanding of the forms. (Explained in detail in the video) Each form has some eligibility, and if you fulfil those, you will have to fill out that form while filing your income tax. The forms differ based on a couple of things: 1. Who can fill the form 2. Whether there is foreign income 3. Total income 4. Whether there is income from salary 5. Whether there is income from business and profession 6. Whether there is income from capital gains 7. Whether there is income from house property 8. Whether there is income from other sources (Explained in detail in the video) So this was all about income tax returns. If you don’t want to miss out on such videos, then subscribe to the channel. Don’t forget to like the video, comment, and also share. ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo

In this video I show you how I perform financial close at month end in 15 steps. Download a sample month-end close checklist 📆 https://thefincontroller.com/p/the-fin-controller-get-close-checklist Enroll in the Controller Academy 🚀 https://thefincontroller.com/p/controller-academy —————————— My other best selling courses: 🔥Take 30% off when you enroll in my online course “Night Before the Accounting Interview Guide” including All Levels Q&A🔥: https://thefincontroller.com/p/the-night-before-your-accounting-interview-course-for-all-levels?coupon_code=30OFFCOURSE 📈Get My “Controller KPI Dashboard” (Excel + Course) with the most important P&L and Balance Sheet KPIs: ​https://thefincontroller.com/p/controller-kpi-dashboard-one-kpi-dashboard-to-run-a-business​ ——————————————————————— Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller 🙋🏼‍♂️https://www.facebook.com/groups/780732429036886/?source_id=101273467885666 DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice

In this video, you will learn about the different types of income taxes and which category you would fall under. #tax #incometax #wallstreetmojo #government #income #business Chapters: 00:00 – Introduction 00:42 – Types of income tax 00:46 – Tax levied on Income from salary. 01:10 – What is the tax Slab presently followed in India? 01:16 – Tax levied on Income from business and profession? 01:55 – Tax levied on Income from capital gains? 02:18 – What Long term Capital gain and short-term capital gain? 03:06 – Tax levied on Income from house property? 03:30 – What is the tax Slab for taxation of income from house property in India? 03:42 – Tax levied on Income from other sources 04:02 – How is a tax levied on winning from the lottery? 04:21 – Conclusion (Explained in detail in the video) Americans owe the government almost $1 billion in taxes and penalties in the US. In India, if you do not pay your taxes on time, then you be fined at least Rs. 10,000. In the previous video, you learned how income tax works and why it is important for you to pay your income taxes in time. In this video, you will learn the different types of income taxes and know which category you would be under. (Explained in detail in the video) Here are the five types of income taxes: No. 1: Income from salary If you work a job, then you’ll receive a salary. You will then be liable to pay income tax on this income. You would be taxed according to the tax slab you fall under. (Explained in detail in the video) No. 2: Income from business and profession You may have a business that is generating income for you. Or you might be involved in a profession like a lawyer, doctor, or CA where you have your own practice. Or you may be a freelancer. Any income you generate from these sources would fall under this type of income tax. The tax payable would also depend on the income tax slab you’d fall under as per your total income. No. 3: Income from capital gains If you buy any financial asset like bonds, stocks, gold, etc., or any property and sell it for a profit, you’ll have to pay capital tax on it. In capital taxes, you either have to pay Long Term Capital Gains Tax or Short Term Capital Gains Tax based on how long you hold the financial asset or property before selling it. (Explained in detail in the video) No. 4: Income from house property In this type of income tax, income generated through rental or lease income received from properties will be taxed. No. 5: Income from other sources Any income you receive from bank interests, fixed deposit interests, lottery winnings, etc., would be taxed under this income tax category. Again, the tax payable would be calculated according to the tax slab that you’d fall under. (Explained in detail in the video) This was about the types of income taxes, and if you like what you see, show it to us by liking, commenting, and sharing the video. We regularly keep coming up with such videos, so don’t forget to subscribe to the channel. ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo

*CONTACT INFO FOR EACH BOARD OF ACCOUNTANCY: https://nasba.org/stateboards/ *INTERNATIONAL CANDIDATES: https://nasba.org/internationalexam/ *CPA EXAM CHECKLIST: https://nasba.org/app/uploads/2020/08/2020-CPA-Exam-Checklist-08072020-1.pdf *GETTING YOUR CPA LICENSE: https://nasba.org/licensure/gettingacpalicense/howtogetlicensed/ *FAQ: https://www.aicpa.org/resources/article/find-answers-to-frequently-asked-questions-about-cpa-exam#international To become a licensed CPA, you need to do three things: 1. Meet the requirements to sit for the CPA exam 2. Pass the CPA exam 3. Meet the licensing requirements for the state in which you plan to practice The requirements to sit for the CPA exam and the requirements to obtain a CPA license are different for each jurisdiction. There are 55 jurisdictions in the U.S., including: • The 50 U.S. states • Washington, D.C. • Puerto Rico • Guam • The U.S. Virgin Islands • The Northern Mariana Islands It’s important that you check the requirements for your jurisdiction. 0:00 Introduction 0:18 The 55 jurisdictions 0:38 Requirements to sit for the CPA exam 1:49 International students 2:12 One-tier states vs. two-tier states 3:06 Licensing requirements 3:46 Continuing professional education — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS, PLUS: • A 23-PAGE GUIDE TO MANAGERIAL ACCOUNTING • A 44-PAGE GUIDE TO U.S. TAXATION • A 75-PAGE GUIDE TO FINANCIAL STATEMENT ANALYSIS • MANY MORE FREE PDF GUIDES * http://eepurl.com/dIaa5z — GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT * https://edspira.thinkific.com — LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725 * Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc * Website: https://www.edspira.com/podcast-2/ — GET TAX TIPS ON TIKTOK * https://www.tiktok.com/@prof_mclaughlin — ACCESS INDEX OF VIDEOS * https://www.edspira.com/index — CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira * Instagram: https://www.instagram.com/edspiradotcom * LinkedIn: https://www.linkedin.com/company/edspira — CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin * LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin — ABOUT EDSPIRA AND ITS CREATOR * https://www.edspira.com/about/

In this video, you’ll learn about income tax, the latest income tax slabs in India, and also, why income tax is important. #incometax #income #wallstreetmojo #tax #personalfinance Chapters: 00:00 – Introduction 00:53 – What is income tax? 01:21 – Example of Income tax. 01:28 – Income tax slab in 2022-23. 01:40 – Why do we pay income tax? 02:46 – Why paying income tax is important? 03:23 – Conclusion As per a report on the India Income Tax website, only 8 cr Indians pay taxes. That makes up for just 6.25% of the total population of 132 cr. (Explained in detail in the video) In contrast, almost 45% of Americans pay taxes. Whether you are working a job or doing some business and earning money, you are generating some income. A part of this income is to be given to the government as income tax. (Explained in detail in the video) Income tax is levied as per the tax slabs you’d fall under on the basis of your income. To know more about tax slabs, you can check this out: https://www.incometaxindia.gov.in/Tutorials/2%20Tax%20Rates.pdf (Explained in detail in the video) You might have a question as to, why we have to pay tax on the income that we earn by working hard. The income tax that you pay to the government is used by them to run the country. Running a country requires a lot of money and the government just cannot keep printing money right. (Explained in detail in the video) The government has to look after us, the people living in the country, by building proper infrastructure, and providing adequate facilities. Income tax is very important for the government as a majority of its revenue comes from the income tax levied. Countries like France, Denmark, and Belgium get almost 40% of their total revenue from income taxes. (Explained in detail in the video) These countries are also good countries, with a stable government, and the people living there, in general, are happy. That’s why you should be paying your income taxes on time and must contribute to the growth of your country. (Explained in detail in the video) These were some of the basics of income tax and we will be covering more on income tax in our subsequent videos. So make sure that you subscribe to the channel. Don’t forget to like and share this video and we’ll know that you are interested in such topics and we will continue putting out content for you. ========================================================================== Subscribe to Our Channel – Youtube ► https://www.youtube.com/channel/UChlNXSK2tC9SJ2Fhhb2kOUw?sub_confirmation=1 LinkedIn ► https://www.linkedin.com/company/wallstreetmojo/ Facebook ► https://www.facebook.com/wallstreetmojo Instagram ► https://www.instagram.com/wallstreetmojoofficial/ Twitter ► https://twitter.com/wallstreetmojo

Discover Small Business Tips for Success. Small Business Advice. Go to https://www.bizmove.com to get a free business plan template, plus dozens of tools for managing and starting a business, featuring dozens of templates, books, worksheets, tools, software, checklists, videos, manuals, and spreadsheets. All completely free, no strings attached. Also see here how I managed to save hundreds on car insurance (my dirty little trick): https://www.bizmove.com/auto-car-insurance.