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Our accounting firm at a glance:
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Transactions and events that change assets - a Tyler, TX CPA explains accounting concepts:
Accounting services provided by other CPAs or entities, including personal services, cannot be stored and are received and used simultaneously. They can be assets of an entity only momentarily - as the entity receives and uses them - although their use may create or add value or other assets of the entity. Rights to receive services or other entities for specified or determinable future periods can be assets of particular accounting entities.
Once acquired, an asset on a balance sheet continues as an asset of the entity until the entity collects it, transfers it to another entity, or uses it up, or some other event or circumstance destroys the future benefit or removes the entity's ability to obtain it. An entity's assets or their values are also commonly increased or decreased by other events and circumstances that may be partly or entirely beyond the control of the entity and its management, for example, price changes, interest rate changes, technological changes, impositions of taxes and regulations, discovery, growth or accretion, shrinkage, etc. If you run a business in Tyler TX and need a reliable CPA firm to handle your books, look no further than the book-keeping service above.
