Bookkeeping

Incremental costs are the extra expenses spent when a business produces one more unit of a product, offers an additional service, or takes a certain action. These expenses are directly related to the increasing output or activity by one unit. Since the fixed cost is being incurred regardless of the proposed sale, it is classified […]

Dynamic discounting differs from supply chain finance (also known as reverse factoring). With supply chain finance, suppliers can also receive early payment, but the arrangement is financed by a bank or other finance provider. Certain purchases of goods and/or services may be subject to state sales taxes. If a sales tax is not paid for the sales-taxable goods

Readers looking to understand accounting concepts would agree that clearly defining key terms is an important first step. Identifying and managing the risks that arise from the ownership and use of your assets is an important part of the asset management process. Understanding those risks helps to protect the value of your assets and overcome

Definitions are critical to understanding the implications of FOB shipping point vs. FOB destination (or FOB destination vs. FOB origin—see how slippery the terms can get already?). The shipper will generally register a sale as soon as cargo leaves its shipping pier, irrespective of the delivery conditions. Thus, the true significance of FOB destination conditions

But collecting, filing, and complying with the requirements gets easier with practice. Nexus is just a fancy way of saying that your business is connected to a state, and is therefore required to collect sales tax from buyers there. Alaska, Delaware, Montana, New Hampshire, and Oregon don’t have a state sales tax, but Alaska allows

Whether you’re a business owner or an aspiring accountant, this blog will help you understand QuickBooks and its essential role in managing finances. QuickBooks desktop also supports a migration feature where customers can migrate their desktop data from a pro or prem SKU’s to Quickbooks Online. Yes, QuickBooks provides built-in tax reporting features that allow

And as payments come in, the control account is credited, decreasing the balance. This sale is recorded in Customer B’s individual account in the accounts receivable subsidiary ledger as a debit (increase) to their balance, which is now £800. This sale is recorded in Customer A’s individual account in the accounts receivable subsidiary ledger as

For example, the merchandising company’s financial reporting might be easier to audit than financial reporting in agriculture or oil. The auditor assesses the risks at the entity control level and deep dives into the risks related to the activities control level that could significantly affect the quality of financial information. The main area where candidates

Accounting software does a lot of the heavy lifting (such as keeping track of debits and credits) for you. However, it’s still important to understand basic accounting principles to know what’s happening behind the scenes. Business owners should be able to enter transactions, reconcile accounts and interpret financial statements accurately. The accounting cycle refers to

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