Accounting Song – Death and Taxes (REG)

MP3 Download (Right-click and Save): Death and Taxes   VERSE 1: IRS, the taxes amounting Let’s go through cash basis accounting Allowed for individuals owning a business But corporations, they can’t get with this Carryovers, passive activity loss No carryback, no not at all Investment interest expense Is greater than investment income, yes, yea Installment sales Gross profit divided by contract price, that’s right Home Mortgage Interest, we doin’ it real Deductible on loans up to $1 mil Business Gifts, Schedule C $25 dollars per person, don’t ya see? Service awards up to 400 bucks Are deductible, yea that’s what’s up CHORUS: Death and Taxes, both unavoidable Death and Taxes, both unenjoyable You got Death, You got Taxes The IRS always coming after VERSE 2: Business losses are no fun But they only offset active business income Like W2, yea that’s true But Passive Losses, nah they don’t do it […]

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Accounting Song – Unmodified (AUD)

MP3 Download (Right-click and Save): Unmodified   CHORUS: Unmodified, no longer unqualified These standards are clarified Financial Statements verified Yea, unmodifed, I gotta say welcome to the other side VERSE 1: Audit Reports must be in writing, must be signed and The location, city and state, where to find ‘em And the Unmodified Opinion The title must include “Independent” Who, what and when, management’s responsibility Fair presentation of financials, you feeling me? Internal control, design and maintenance Don’t forget the implementation Auditor’s Responsibility, GAAS Audit in accordance in the US Plan and perform the audit Obtain reasonable assurance, you better be on it Performing procedures to obtain evidence About amounts and disclosures, now you gettin’ it The info is appropriately presented But the auditor wants to bring something to attention VERSE 2: The modified opinion, the financial statements Is when they are materially misstated Unable to obtain sufficient appropriate evidence […]

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Accounting Song – Economic Cycles (BEC)

MP3 Download (Right-click and Save): Economic Cycles CHORUS: It’s the E-C-O to the N – O – M – I- C -S Better do good on your test Supply & Demand, that’s the plan Economic cycles all across the land VERSE 1: Yo, let’s talk about supply curve When an item price increases, supply does for sure Positive Supply Curve Shift, shift right The market’s flooded with companies sellin’ all night Shift left for a negative supply curve shift Cost of producing an item increases If gold goes up, less gold watches are made, see Lower equilibrium GDP On the demand curve, when the price goes up Demand goes down, they don’t want that stuff If demand changes due to somethin’ other than price A demand shift occurs, ain’t that nice? Yea VERSE 2: Equilibrium price Quantity supplied = quantity demanded, yea that’s right Optimal production Marginal revenue = marginal […]

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Accounting Song – IFRS vs GAAP (FAR)

MP3 Download (Right-click and Save): IFRS: King on this Street CHORUS: Get out your 10-key, Excel Spreadsheet Ninja CPA, we gonna beat Any exam, we achieve that feat IFRS be the king on this street VERSE 1: International Account Standards Board issues IFRS They do that and more The most authoritative place you can see That management looks for guidance accounting policies IASB Framework Yea, it helps to develop standards that work But it’s not a standard itself, no it ain’t Can’t supersede any standard’s authority Verifiability Different people would reach the same conclusion, are you feelin’ me? Understandability Easy to use and understand, that’s the plan, let’s keep goin’ and Timeliness, uh I need that info on time so I can decide how to do things right IFRS don’t allow Extraordinary Items IFRS don’t allow LIFO, it don’t like ‘em CHORUS: Get out your 10-key, Excel Spreadsheet Ninja CPA, […]

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