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A key characteristic of notes payable is the presence of a formal, legally binding document known as a promissory note. Knowing the differences between accounts payable and notes payable helps accounting teams prioritize payments in a way that supports the growth of their business. With a birds-eye view into short- and long-term working capital, keeping … Read more

Where the auditor has identified conditions which cast doubt over going concern, but audit evidence confirms that no material uncertainty exists, this ‘close call’ can be disclosed in line with ISA 701. This is because while the auditor may conclude that no material uncertainty exists, they may determine that one, or more, matters relating to … Read more

Topic no 502, Medical and dental expenses Internal Revenue Service While you can receive a tax deduction for medical expenses in some cases, that’s not always true. It’s important to understand which medical expenses are tax deductible and which aren’t so you’re not incorrectly claiming expenses on your tax return. It’s important for taxpayers to … Read more

Medical Expenses and Your Tax Deductions: What to Know The key to maximizing these benefits lies in careful planning, meticulous record-keeping, and a thorough Can I Deduct Medical Expenses understanding of the IRS requirements. Tax Deduction – A tax deduction refers to an allowable expense or deduction that reduces a taxpayer’s taxable income. By deducting … Read more

Pros and Cons of Using Payback Period The Financial Modeling Certification It’s important to note that while the payback period is useful, it does not how to calculate payback account for the time value of money or cash flows that occur after the payback period. Thus, it should be considered alongside other financial metrics for … Read more