Bookkeeping

Journal entries should be very rare and must only be used for specific circumstances, such as adjusting entries at the end of the fiscal year and reporting depreciation expenses. You should use QuickBooks Online’s input screens to record most transactions, such as bills, expenses, and deposits. To enter a journal entry, choose the Global Create button under Other click […]

To bring the financial statements in to compliance with the accounting framework such as GAAP, adjusting entries are made at the end of the accounting period. These entries are typically made to record accrued income, accrued expenses, unearned revenue and prepaid expenses. Since there are so many different types of business transactions, accountants usually categorize

Accounting information exposes your company’s financial performance; it tells whether you’re making a profit or just running into losses at the end of the day. A customer looking for the flexibility of depositing cash and making purchases and payments for goods and services will open up a checking account at a financial institution. This checking

Accounting information exposes your company’s financial performance; it tells whether you’re making a profit or just running into losses at the end of the day. A customer looking for the flexibility of depositing cash and making purchases and payments for goods and services will open up a checking account at a financial institution. This checking

Evaluating payback period helps companies recognize different investment opportunities and determine which product or project is most likely to recoup their cash in the shortest time. A fast return may not be a priority for every business in every case, but it’s a crucial consideration all the same. While the payback period shows us how

In this case, if the error is due to the bank’s fault, it should be included in the bank reconciliation as the reconciliation item; and no entry is required in the company’s accounting record. In this case, the company is required to record back the transactions that are omitted to have accurate bank balances in

While the D/E ratio is primarily used for businesses, the concept can also be applied to personal finance to assess your own financial leverage, especially when considering loans like a mortgage or car loan. The concept of a “good” D/E ratio is subjective and can vary significantly from one industry to another. Industries that are

While the D/E ratio is primarily used for businesses, the concept can also be applied to personal finance to assess your own financial leverage, especially when considering loans like a mortgage or car loan. The concept of a “good” D/E ratio is subjective and can vary significantly from one industry to another. Industries that are

Find the direct labor rate variance of Bright Company for the month of June. Figure 8.4 shows the connection between the direct labor rate variance and direct labor time variance to total direct labor variance. The direct labor variance measures how efficiently the company uses labor as well as how effective it is at pricing