Double-check with the various departments to make sure everything has been submitted. Each company what is a closing entry must comply with taxing and governing authorities wherein accurate financials are required to submit annual filings. A proper year-end close is critical to a successful unqualified financial audit as may be required for the entity. The […]
The accounts payable total directly influences a company’s total short-term liabilities. Therefore, if a company’s accounts payable increase throughout an accounting period, its total liabilities will correspondingly increase. This increase in liabilities will subsequently decrease the owner’s equity, assuming that no other changes are made to the balance sheet. Understanding how AP affects a company’s […]
The accounts payable total directly influences a company’s total short-term liabilities. Therefore, if a company’s accounts payable increase throughout an accounting period, its total liabilities will correspondingly increase. This increase in liabilities will subsequently decrease the owner’s equity, assuming that no other changes are made to the balance sheet. Understanding how AP affects a company’s […]
This thinking error assumes that current negative emotions will persist indefinitely. It ignores the possibility of emotional growth and the positive changes that can come with recovery. This example of cognitive distortions overgeneralization involves taking one period of difficulty and applying it to the future indefinitely. Cognitive distortions can significantly impact our thoughts and emotions, […]