CIP Construction In Progress Accounting; What Businesses Need To Know

The development process involves coding, testing, and refining the software. The company incurs costs for salaries of programmers, software licenses, development tools, and other expenses related to the project. CIP plays a crucial role in project management by providing real-time data on costs and progress. Project managers can use CIP information to evaluate project performance,… Read More

Bookkeeping Services in Phoenix, AZ

The company provides accounting and bookkeeping solutions, helping businesses keep track of their transactions. It handles bookkeeping accounts such as expenditures, receipts, profits, losses, payables, and receivables. Other services include payroll, sales tax, and reporting of these processes. She draws upon over three decades of industry experience in serving businesses. She has lent her expertise… Read More

What Are Investing Activities? How to Report Investment Activities on the Cash Flow Statement

This includes the purchase of bonds, stocks, or real estate property, among other examples. Additionally, purchasing a property that can be used to produce goods can be considered an investment. You may not be able to buy an income-producing property, but you can invest in a company that does. A real estate investment trust (REIT)… Read More

Is an employee an asset?

Gain more control over your work, boost your career, and create a less stressful and more productive environment with our comprehensive guide. Challenges such as assignments can stretch your employee’s capabilities and add to their skills. Employees’ abilities, knowledge, and experience cannot be assigned a monetary value. No two employees are the same, and although… Read More

What Is A Debtor? How Is It Different From A Creditor?

In other cases, the creditor may take the debtor to court in an attempt to have the debtor’s wages garnished or to secure another type of repayment order. In accounting reporting, creditors can be categorized as current and long-term creditors. The debts are reported under current liabilities of the balance sheet. Debts of long-term creditors… Read More

How to Prepare an Income Statement Under Absorption & Marginal Costing Chron com

Unlike variable costing, it covers fixed costs and inventories while calculating the cost per unit. This is not right because fixed costs remain the same regardless of the units produced. Under the absorption costing technique cost data are presented in the conventional form. Starting from the sales value of each product line, direct costs are… Read More

What is the Post Office Horizon IT scandal all about? Post Office

Whereas “credit card post date” refers to transactions you make, such as purchases, balance transfers, or cash advances, the payment posting date corresponds to when and how your credit card payments are applied to your account. Credit card posting refers to the act of updating your credit card account to reflect new transactions or payments…. Read More

11 2 The Balance Sheet Reporting of Intangible Assets Financial Accounting

In simple terms, all the subsidiary’s assets (inventory, land, buildings, equipment and the like) are given a fair value and recorded at that amount by the parent as the new owner. This process is referred to as the production of consolidated financial statements. Each intangible asset held by the subsidiary that meets certain rules is identified… Read More

The Cost of Goods Available for Sale and the Cost of Goods Sold

If the price of corn increases, farmers will look to grow more corn, decreasing the supply of soybeans. Thus, an inverse relationship exists before a good’s price and the supply of the producer’s substitute. In sec 2(6) of the Act, future goods have been defined as the goods that will either be manufactured or produced… Read More

Budget Variance: What is it and How to Calculate Variances

Once you have your financial data, the next step is to identify the variances by comparing the actual figures against the budgeted figures. For instance, if your variable manufacturing costs are higher than expected without a corresponding increase in revenue, you have an unfavorable cost variance. The best solution for avoiding budgeting variances is careful,… Read More