When you repay the loan, you’ll debit your Notes Payable account and credit your Cash account. For the interest that accrues, you’ll also need to record the amount in your Interest Expense and Interest Payable accounts. Ultimately, knowing when to use each one will depend on specific circumstances such as the amount of capital needed,… Read More
Best Online Bookkeeping Courses and Programs
by • March 6, 2020
Of course, rates and salary can vary depending on the person’s education, certification, skills, years of experience, and other factors. There are a couple of U.S. professional organizations that can certify those who want to become bookkeepers for small businesses. The Talent Acquisition team is dedicated to connecting people with exciting career opportunities and partnership… Read More
What is a Deferral Type Adjusting Entry?
by • November 8, 2023
The adjusting entry is made when the goods or services are actually consumed, which recognizes the expense and the consumption of the asset. Deferred revenue is a liability for the business because it represents a future obligation to provide goods or services. Even though receiving prepayment may feel like an asset, it’s crucial to remember… Read More
Variable Versus Absorption Costing
by • December 5, 2023
Absorption costing is in accordance with GAAP, because the product cost includes fixed overhead. Variable costing considers the variable overhead costs and does not consider fixed overhead as part of a product’s cost. It is not in accordance with GAAP, because fixed overhead is treated as a period cost and is not included in the… Read More
Politics latest: Post Office inquiry to resume today after PM confirmed new law to exonerate victims Politics News
by • July 31, 2023
The Cash Cow Matrix is a Boston Consulting Group (BCG) Growth-Share Matrix. This strategic management tool helps companies understand which products or services are making a lot of money and have high market growth and market share. Cash cows are known to be a company’s most valuable and competitive product or business divisions as they… Read More
Difference between fixed and current assets with examples
by • March 10, 2020
Enterprises hold the current asset in the form of cash or their regeneration into cash or for utilising it in by furnishing goods and services. Ratios like the current ratio (current assets divided by current liabilities) and the quick ratio (current assets excluding inventory) gauge your ability to meet short-term obligations. Having liquid assets, like… Read More
What Is A Debtor? How Is It Different From A Creditor?
by • July 5, 2023
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
by • March 9, 2020
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
How to Calculate Direct Labor Efficiency Variance? Definition, Formula, and Example
by • March 19, 2020
Review this figure carefully before moving on to the next section where these calculations are explained in detail. An unfavorable top 10 best mac accounting software for your small business happens when the actual hours worked is greater than the expected or standard hours. The direct labor efficiency variance is one of the main standard… Read More
Xero vs Sage 2024 Comparison
by • October 12, 2020
We extensively research the key competitors within an industry to determine the best products and services for your business. Quickbooks QuickBooks’ Plus plan is our top spot for the best accounting software for products-based businesses for a number of reasons. First, it makes it easy for you to track the cost of goods and products… Read More