Bookkeeping

It's easy to separate the two, as fixed costs occur on a regular basis while variable ones change as a result of production output and the overall volume of activity…

Accrued revenue is often recorded by companies engaged in long-term projects like construction or large engineering projects. This was to provide an industry-neutral revenue recognition model to increase financial statement…

This can be useful if you have many customers who need to be invoiced for the same products or services. You just need to create a single invoice template and…

Cost of goods sold, or COGS, is the total cost a business has paid out of pocket to sell a product or service. It represents the amount that the business…

Rather than waiting to see exactly how payments work out, the company will debit a bad debt expense and credit allowance for doubtful accounts. The company does not require to…

In addition, labor costs are usually divided into two categories based on their recognizability with the cost unit. Direct material costs are the costs of raw materials or parts that…

Although, investment in common stock brings significant returns. For instance, if the business goes into the liquidation, the holders of common equity only get assets if something is left after…

A liability is an amount you owe, while an expense is an amount you’ve already paid. That means anything recorded as a payroll liability can become a payroll expense after…

Software integrations are important when selecting church accounting software because they allow the software to connect and share data with other software programs that the church may be using. This…

At the end of an accounting period, the inventory leftover would be the oldest purchased goods. Suppose Mary owns a kitchenware store and follows the FIFO accounting method of inventory…