by admin | Sep 12, 2023 | Bookkeeping
Fixed costs, on the other hand, are any expenses that remain the same no matter how much a company produces. These costs are normally independent of a company’s specific business activities and include things like rent, property tax, insurance, and depreciation....
by admin | Jun 13, 2023 | Bookkeeping
Accrual accounting provides the financial position of a company at the end of a particular period. However, each transaction within this period is not accounted for with accrual accounting alone. Product costing is the process of determining the total cost involved in...
by admin | Apr 12, 2023 | Bookkeeping
While reports are only presented at the end of an accounting period with financial accounting, multiple operational reports are generated for managerial accounting. Managerial accounting is a branch of accounting that deals with the compilation of financial records...
by admin | Dec 27, 2022 | Bookkeeping
Accounts payable can be seen as both a good thing and a bad thing for the income statement depending on how they are managed. On one hand, having accounts payable means that a company has received goods or services without having to pay immediately, which can help...
by admin | Sep 7, 2022 | Bookkeeping
As each month of the year passes, the gym can reduce the deferred revenue account by $100 to show it’s provided one month of service. It can simultaneously record revenue of $100 each month to show that the revenue has officially been earned through providing...
by admin | Feb 9, 2022 | Bookkeeping
This is important for a franchise business, as excess inventory can tie up cash flow, while insufficient inventory can lead to lost sales. Revenue recognition is the process of recording revenue when it is earned, regardless of when payment is received. In a franchise...
Recent Comments