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FAQ

Frequently Asked Questions

Accounting & Immigration

Accounting FAQs

What is accounting?
Accounting is the process of recording, organizing, and reporting financial transactions to help individuals and businesses understand their financial position.
Accounting is the process of recording, organizing, and reporting financial transactions to help individuals and businesses understand their financial position.
Bookkeeping involves recording daily financial transactions, while accounting includes analyzing, interpreting, and preparing financial reports based on those records.

The three primary financial statements are:

  • Income Statement – Shows revenue, expenses, and profit or loss.
  • Balance Sheet – Shows assets, liabilities, and equity.
  • Cash Flow Statement – Shows how cash moves into and out of a business.
  • Assets are items a business owns that have value, such as cash, equipment, and inventory.
  • Liabilities are debts or obligations the business owes, such as loans or unpaid bills.

  • Equity is the owner’s interest in a business. It is calculated as:

    Assets − Liabilities = Equity

A tax deduction is an eligible expense that can reduce taxable income, potentially lowering the amount of taxes owed.

Accurate records help businesses monitor performance, prepare tax returns, create budgets, and comply with legal and financial reporting requirements.

  • Gross income is total income before expenses and taxes.
  • Net income is the amount remaining after all expenses, taxes, and deductions have been subtracted.

A budget is a financial plan that estimates expected income and expenses over a specific period.

Bank reconciliation helps verify that accounting records match the bank’s records and helps identify errors or unauthorized transactions.

Immigration FAQs

What is accounting?
Accounting is the process of recording, organizing, and reporting financial transactions to help individuals and businesses understand their financial position.
  • A visa allows a person to travel to the United States for a specific purpose, such as tourism, work, or study.
  • A Green Card gives a person lawful permanent resident status, allowing them to live and work in the United States indefinitely.
  • Citizenship is the highest immigration status. Citizens have additional rights, including the ability to vote in federal elections, obtain a U.S. passport, and sponsor certain family members for immigration.

An immigrant visa is intended for individuals who plan to live permanently in the United States. A nonimmigrant visa is for temporary visits, such as tourism, business, work, or education.

Yes. Lawful permanent residents generally have authorization to work for most U.S. employers.

Naturalization is the process through which an eligible lawful permanent resident becomes a U.S. citizen after meeting legal requirements.

Processing times vary. In many cases, a lawful permanent resident may apply for naturalization after five years of permanent residence, or after three years if married to and living with a U.S. citizen, provided all eligibility requirements are met.

Requirements vary by application, but common documents include:

  • Passport
  • Birth certificate
  • Marriage certificate (if applicable)
  • Financial support documents
  • Employment records
  • Identification documents
  • Immigration records
Travel rules depend on the type of application and the applicant’s status. In many cases, applicants should obtain appropriate travel authorization before leaving the United States to avoid affecting their application.
Travel rules depend on the type of application and the applicant’s status. In many cases, applicants should obtain appropriate travel authorization before leaving the United States to avoid affecting their application.
Applicants generally must notify U.S. Citizenship and Immigration Services (USCIS) of an address change within the required time frame to ensure they receive important notices.
The best source is the U.S. Citizenship and Immigration Services (USCIS), which provides official forms, eligibility requirements, and application instructions.

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