Fraud related to pocketing cash is not uncommon. One of the ways to steal cash used by fraud perpetrators is lapping schemes. In this article, we review how lapping schemes work and how they can be limited or prevented in your company.

Consignment inventory is one of the marketing methods used to attract customers. One variation of consignment is when a seller delivers goods to a customer (buyer) but retains the title to the goods until the buyer uses the goods. In this article we explore accounting for this type of consignment arrangement.

Record keeping is essential for operating a business. Record keeping can be manual or computer-based. Both ways have their advantages and disadvantages. In either case, cost of record keeping is usually high.

Learn about Sarbanes-Oxley Act (SOX), its provisions and impact on public companies and their auditors.

Explanation of accounting for customer returns, sales and return allowances, purchase allowances, cash refunds and store credits.

Physical inventory and purposes; three phases: planning and preparation, execution, and analysis of results; methods of conducting physical inventory such as bar-code readers, count cards, and count sheets.

Account reconciliation process and two types of reconciliations; bank reconciliation with step by step instructions.

General ledger to sub-ledger reconciliation type with step by step instructions.