Accounting Tools

JUNE 20, 2023

Related Courses Bookkeeping Guidebook CFO Guidebook New Controller Guidebook What are the Types of Accounting? There are several types of accounting that range from auditing to the preparation of tax returns. Accountants tend to specialize in one of these fields, which leads to the different career tracks noted below.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Cloud Accounting Podcast

APRIL 26, 2023

FTX had 80,000 transactions in Ask My Accountant; the crazy cost accounting behind EY's failed breakup; using ChatGPT for financial statement analysis; what the tech world thinks AI will automate in accounting and more! Interested in sponsoring the Cloud Accounting Podcast? We appreciate you!

CPA 98

CPA Financial Statements Accounting Accounting 98

Accounting Tools

OCTOBER 11, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook Introduction to Accounting Basics Accounting is the practice of recording and reporting on business transactions. This means setting up accounts in which financial information is stored. These statements are noted below.

Accounting 75

Accounting Accounting Record Keeping Purchase Order 75

Accounting Tools

APRIL 4, 2023

Related Courses Cost Accounting Fundamentals Managerial accounting involves collecting, analyzing, and reporting information about the operations and finances of a business. The functions of managerial accounting include the following: Margin analysis. Transaction analysis.

Accounting 75

Accounting Accounting Financial Statements Financial Reporting 75

Accounting Tools

AUGUST 7, 2024

What are Managerial Accounting Formulas? The managerial accountant reports on the operational results of a business. In this role, one must use a number of accounting formulas to discern performance levels. In the following paragraphs, we note several of the most useful managerial accounting formulas.

Accounting 40

Accounting Accounting Financial Statements Cost Accounting 40

Accounting Tools

SEPTEMBER 24, 2023

What is an Accounting Department? The accounting department is part of the corporate overhead group of an organization. It is responsible for billings, payroll , cost accounting , the production of financial statements , paying suppliers , and similar activities.

Accounting 40

Accounting Accounting Financial Analysis Financial Statements 40

Accounting Tools

OCTOBER 5, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook The general ledger clerk position is accountable for creating journal entries and assembling supporting documentation, as well as for tracking the contents of accounts , creating portions of the financial statements , and writing related disclosures.

General Ledger 40

General Ledger Financial Statements Accounting Accounting 40

accountingfly

AUGUST 15, 2024

Top Remote Accounting Candidates This Week Looking for remote accountants? With our ‘ Always-On Recruiting ‘ program, you can access highly skilled and experienced remote accounting candidates with no upfront cost. These are just a few of our top remote accounting candidates this week.

CPA 52

CPA XERO Accounting Accounting 52

accountingfly

MAY 9, 2024

Top Remote Accounting Candidates This Week Looking for remote accountants? With our ‘ Always-On Recruiting ‘ program, you can access highly skilled and experienced remote accountants with no upfront cost. Sign up now to receive the full list of top accounting candidates available weekly!

QuickBooks 52

QuickBooks Accounting Accounting CPA 52

Accounting Tools

MARCH 28, 2023

Related Courses Accounting for Inventory Bookkeeping Guidebook Cost Accounting Fundamentals What is Accounting Cost? Accounting cost is the recorded cost of an activity. An accounting cost is recorded in the ledgers of a business, so the cost appears in an entity's financial statements.

Accounting 40

Accounting Accounting Financial Statements Cost Accounting 40

Accounting Tools

AUGUST 3, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Timeliness of Accounting Information? The timeliness of accounting information refers to the provision of information to users quickly enough for them to take action.

Financial Statements 40

Financial Statements Accounting Accounting Bookkeeping 40

Accounting Tools

JULY 27, 2023

Related Courses Credit and Collection Guidebook Bookkeeping Guidebook Budgeting CFO Guidebook Cost Accounting Fundamentals New Controller Guidebook Payables Management Payroll Management Project Accounting Someone wanting to enter the accounting field can choose to train for a number of possible positions.

General Ledger 40

General Ledger Accounting Accounting Financial Statements 40

Accounting Tools

MARCH 23, 2023

Related Courses Accounting for Inventory How to Audit Inventory Inventory Management How to Account for Inventory The accounting for inventory involves determining the correct unit counts comprising ending inventory , and then assigning a value to those units. These basic inventory accounting activities are expanded upon below.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

APRIL 7, 2024

Related AccountingTools Courses Accounting for Inventory Activity-Based Costing Cost Accounting Fundamentals What is Not Included in Manufacturing Overhead? Manufacturing overhead does not include any of the selling or administrative functions of a business. it is also possible to use multiple allocation methods.

Cost Accounting 75

Cost Accounting Financial Statements Financial Reporting Auditing 75

Accounting Tools

JULY 7, 2024

Related AccountingTools Courses Cost Accounting Fundamentals Effective Decision-Making Financial Analysis Allocated Costs Overhead costs are allocated to manufactured goods only because it is required by the accounting standards (for the production of financial statements ).

Financial Analysis 75

Financial Analysis Cost Accounting Financial Statements Accounting 75

SMB Accounting and Consulting

DECEMBER 21, 2022

Bookkeeping and accounting are often used interchangeably when describing a process of recording financial transactions for a business, but they are not the same functions. Accountants also support management in the implementation and monitoring of internal controls. to review performance and profitability.

Bookkeeping 52

Bookkeeping Financial Statements Accounting Accounting 52

Accounting Tools

SEPTEMBER 7, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What is a Cost of Goods Manufactured Schedule? The cost of goods manufactured schedule is used to calculate the cost of all items produced during a reporting period.

Financial Statements 75

Financial Statements Cost Accounting Auditing Financial Accounting 75

Accounting Tools

JUNE 20, 2024

In the latter case, product cost should include all costs related to a service, such as compensation , payroll taxes , and employee benefits. Product Cost Reporting Product cost appears in the financial statements , since it includes the factory overhead that is required by both GAAP and IFRS.

Cost Accounting 75

Cost Accounting Financial Statements Financial Reporting Payroll 75

Nanonets

JUNE 27, 2024

Why is it Important to Reconcile your Bank Account? Reconciliation is a crucial accounting process that ensures the accuracy of the financial close process. It ensures that the money credited or debited in your bank account matches the money being expended or made. How Often Should You Reconcile Your Bank Statements?

Reconciling 40

Reconciling Bank Reconciliation Deposits Accounting 40

Accounting Tools

MARCH 25, 2024

The concept is used to generate financial statements that are comparable across multiple reporting periods. Current Cost vs. Historical Cost Historical cost is the original cost incurred to acquire an asset, while current cost is the cost that would be required to replace it right now.

Financial Statements 40

Financial Statements Cost Accounting Accounting Accounting 40

Accounting Tools

SEPTEMBER 27, 2023

Related Courses Accounting for Inventory Activity-Based Costing Cost Accounting Fundamentals What is an Allocation? An allocation is the process of shifting overhead costs to cost objects , using a rational basis of allotment.

Financial Statements 40

Financial Statements Auditing Cost Accounting Accounting 40

Accounting Tools

JULY 14, 2024

How to Allocate Costs Various cost allocation methods are used to allocate factory overhead costs to units of production. Allocations are performed in order to create financial statements that are in compliance with the applicable accounting framework.

Financial Statements 75

Financial Statements Cost Accounting Accounting Accounting 75

Accounting Tools

JULY 14, 2024

Also, by eliminating irrelevant costs from a decision, management is prevented from focusing on information that might otherwise incorrectly affect its decision.

Financial Analysis 40

Financial Analysis Financial Statements Cost Accounting Financial Accounting 40

Accounting Tools

OCTOBER 7, 2023

Related Courses Accountants’ Guidebook Bookkeeping Guidebook Cost Accounting Fundamentals What is a Deferred Expense? A deferred expense is a cost that has already been incurred, but which has not yet been consumed. It defers this cost at the point of payment (in April) in the prepaid rent asset account.

Financial Statements 75

Financial Statements Cost Accounting Financial Reporting Accounting Software 75

Accounting Tools

SEPTEMBER 28, 2023

Related Courses Accounting for Inventory Budgeting Cost Accounting Fundamentals What is an Actual Cost? Actual cost is the actual expenditure made to acquire an asset , which includes the supplier -invoiced expense, plus the costs to deliver, set up, and test the asset.

Financial Statements 40

Financial Statements Budgeting Cost Accounting Invoicing 40

Accounting Tools

OCTOBER 1, 2023

Related Courses Cost Accounting Fundamentals What is an Incurred Cost? An incurred cost is a cost arising from the consumption of an asset or service, or from a loss that has been sustained. Related Articles Accounting Cost Actual Cost Committed Cost Consumed Cost Direct Cost Explicit Cost

Accruals 40

Accruals Financial Statements Cost Accounting Budgeting 40

Accounting Tools

JULY 12, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What is Factory Burden? Factory burden is those costs incurred in the production process, other than direct costs. These costs are accumulated into cost pools at the end of each reporting period, and then allocated to units of production.

Accruals 40

Accruals Financial Statements Cost Accounting Tax 40

Accounting Tools

JULY 14, 2023

Related Courses Cost Accounting Fundamentals Cost Management Guidebook What is a Discretionary Cost? A discretionary cost is a cost or capital expenditure that can be curtailed or even eliminated in the short term without having an immediate impact on the short-term profitability of a business.

Financial Statements 40

Financial Statements Cost Accounting Accounting Accounting 40

Accounting Tools

OCTOBER 8, 2023

Related Courses Activity-Based Costing Cost Accounting Fundamentals What is Meant by Overabsorbed? The overabsorbed concept applies to factory overhead costs. These costs are not directly associated with the production of specific goods, so they must be allocated to goods instead, using a standard overhead rate.

Financial Statements 40

Financial Statements Cost Accounting Accounting Accounting 40

Accounting Tools

JANUARY 9, 2024

If there are no sales of goods or services, then there should theoretically be no cost of goods sold. Instead, the costs associated with goods and services are recorded in the inventory asset account, which appears in the balance sheet as a current asset.

Financial Statements 40

Financial Statements Cost Accounting Accounting Accounting 40

Accounting Tools

MAY 7, 2024

Related AccountingTools Courses Activity-Based Costing Cost Accounting Fundamentals Example of the Step Allocation Method A company ranks its service departments by the percentage of its costs that are consumed by other service departments.

Financial Statements 40

Financial Statements Cost Accounting Accounting Accounting 40

Accounting Tools

JUNE 19, 2023

Related Courses Cost Accounting Fundamentals Effective Sales Management The Interpretation of Financial Statements What is Sales Mix? How to Calculate Sales Mix A cost accounting variance called sales mix variance is used to measure the difference in unit volumes in the actual sales mix from the planned sales mix.

Budgeting 75

Budgeting Financial Statements Cost Accounting Accounting 75

Billah and Associates

OCTOBER 22, 2019

This is the reason professional accountants enjoy a unique and pivotal position in companies. Various aspects related to financial reporting and setting standards make their roles necessary, and organizations spend extraordinary resources on them. They also help in budgeting and saving costs for such new ideas.

Accounting 40

Accounting Accounting Financial Statements Financial Reporting 40

Accounting Tools

MARCH 24, 2023

Related Courses Cost Accounting Fundamentals Inventory Management Operations Management What is a Labor Routing? A labor routing itemizes the estimated amount of labor that will be required at each production workstation in order to complete a product.

Financial Statements 40

Financial Statements Cost Accounting Budgeting Accounting 40

Accounting Tools

JULY 8, 2024

What is Cost Accounting? Cost accounting involves the recordation, analysis, and reporting of costs to management. The intent behind this type of accounting is to provide insights into the cost structure of a business that can be used to better manage it, thereby improving profitability.

Cost Accounting 75

Cost Accounting Accounting Accounting Budgeting 75

Accounting Tools

JUNE 12, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What is the Average Cost Method? Average costing is the application of the average cost of a group of assets to each asset within that group. The concept is most commonly applied to inventory , but can also be used with fixed assets.

Cost Accounting 40

Cost Accounting Financial Statements Budgeting Accounting 40

Accounting Tools

AUGUST 7, 2023

Related Courses Activity-Based Costing Activity-Based Management Cost Accounting Fundamentals What is Traditional Costing? Traditional costing is the allocation of factory overhead to products based on the volume of production resources consumed.

Financial Statements 40

Financial Statements Cost Accounting Accounting Accounting 40