Accounting conservatism is a principle that requires company accounts to be prepared with high degrees of verification.

2022-002: The University did not reconcile bank accounts in a timely manner or obtain proper approval of the reconciliations performed. 2022-003: The University failed to reconcile student accounts ...

Earnings before tax (EBT) is a company’s pretax income and is mainly used to compare the profitability of similar companies in different tax jurisdictions.

Because accounts payable is a permanent account, it is not part of the closing process. However, the accounts payable entries the accountant books throughout the period do affect the final expense ...