Category: Bookkeeping

When supplies are used, they are moved from the asset account into the expense account. It is a staple of accounting education due to its simple and visual approach for demonstrating increases and decreases in double-entry accounting. Accountants sometimes use T-Accounts to visually plan out a complicated journal entry. A T-account is a simplified or […]

Accounting is the process of recording, classifying, and summarizing financial transactions to provide an accurate picture of an individual or organization’s financial health. It is an essential aspect of managing finances and bookkeeping for individuals and businesses alike. The cash basis of accounting records revenue when money is received and expenses when they are paid. […]

Indefinite life intangible assets, like goodwill, do not have a finite life and are not subject to amortization. When the carrying value of an asset exceeds its fair value, an impairment loss is recorded to bring the balance sheet in line with economic reality. In the next section, we delve deeper into understanding the valuation […]

Following these simple steps makes logging into Gmail on any computer easy and efficient. Remember always to log out after using public or shared computers for security reasons. Enjoy all the features that come with access to Google’s powerful email service. Learn how to turn on Restricted Mode in the Family Link app’s settings. To […]

However, LIFO is allowed under US GAAP (Generally Accepted Accounting Principles) so US companies thus have the option to choose between FIFO, LIFO, and the average cost method. Under FIFO, the purchase price of the goods begins with the price of the earliest goods purchased. If you sold more than that batch, you repeat the […]

In nonrecourse factoring, Bankers ledger account Factoring takes on the credit risk – giving you bad debt protection. You can enjoy your cash flow with no strings attached from a non-recourse accounts receivable financing company like Bankers Factoring. Trade receivable/accounts receivable (A/R) is a balance sheet asset that represents amount of money the company is […]

Then, write out the full amount in words on the specified line, extending a line through any unused space to prevent unauthorized additions. In the space provided, clearly write the full name of the payer. Proceed to specify the rental period covered by the payment, Bookkeeping vs. Accounting stating the month and year, like “for […]

Many people with COVID-19 get better with rest, fluids and treatment for their symptoms. Focus on stretching, range-of-motion exercises and gradual strength training. Include low-impact aerobic activities, such as walking, cycling and water exercises, to improve your mood and help control your weight. Sudden head movement might briefly bring on the pain again. Even if […]

Adjustments to the rate can also lead to changes in product pricing, budget forecasts, and financial analysis, underscoring the interconnected nature of financial management practices. If the volume of goods produced varies from month to month, the actual rate varies from month to month, even though the total cost is constant from month to month. […]

This transparency enables stakeholders to assess the company’s financial health and strategic decisions. Put simply, a statement of shareholders’ equity is part of a company’s balance sheet that provides investors with a quick description of the company’s performance. Although it’s found easily enough by looking at a balance sheet, the statement of stockholders’ equity is […]