Accounting Tools

NOVEMBER 1, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook An accountant is a person who records business transactions on behalf of an organization, reports on company performance to management, and issues financial statements. Tax reports are issued to several government entities.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

DECEMBER 19, 2023

Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. The key accountancy tasks are noted below. There are also a number of business transactions that are non-repetitive in nature, and so require the use of journal entries to record them in the accounting records.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 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 27, 2023

Related Courses Activity-Based Costing Activity-Based Management Cost Accounting Fundamentals What is Costing? Costing is any system for assigning costs to an element of a business. This type of costing is called absorption costing.

Cost Accounting 75

Cost Accounting Tax Accounting Accounting 75

Accounting Tools

JULY 12, 2024

What is the Cost of Labor? The cost of labor is the salaries and wages paid to employees , plus related payroll taxes and benefits. The term may also relate to a specific time period or a job (if the employer is using a job costing system to track costs). Gross wages paid to employee Social security tax 62.00

Invoicing 75

Invoicing Cost Accounting Payroll Tax 75

Accounting Tools

FEBRUARY 15, 2024

What is Total Cost? Total cost is the total expenditure incurred to produce some type of output. From an accounting perspective, the total cost concept is more applicable to financial reporting, where overhead costs must be assigned to certain assets. The alternative definitions for total cost are noted below.

Cost Accounting 72

Cost Accounting Financial Reporting Budgeting Tax 72

Accounting Tools

JUNE 21, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What are Conversion Costs? Conversion costs are those production costs required to convert raw materials into completed products. Therefore, the conversion cost per unit for the month was $6.80

Cost Accounting 75

Cost Accounting Payroll Tax Accounting 75

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

JUNE 20, 2024

Product cost can also be considered the cost of the labor required to deliver a service to a customer. In the latter case, product cost should include all costs related to a service, such as compensation , payroll taxes , and employee benefits.

Cost Accounting 75

Cost Accounting Financial Statements Financial Reporting Payroll 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. Tax accountants specialize in IRS law and completion of tax returns.

Bookkeeping 52

Bookkeeping Financial Statements Accounting Accounting 52

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

Accounting Tools

AUGUST 7, 2024

Burden Rate for Labor Payroll taxes and benefits are added to an employee's wages to arrive at the total cost of labor for that individual. For example, if the annual benefits and payroll taxes associated with an individual is $20,000 and his wages are $80,000, then the burden rate is $0.25 per machine hour used.

Payroll 76

Payroll Cost Accounting Financial Reporting Billing 76

Accounting Tools

MAY 12, 2024

If the decision instead involves a number of individuals, then a cost is not controllable from the perspective of any one individual. Also, if a cost is imposed on an organization by a third party (such as taxes), this cost is not considered to be controllable.

Financial Analysis 75

Financial Analysis Cost Accounting Tax Accounting 75

Accounting Tools

JUNE 7, 2023

Related Courses Activity-Based Costing Cost Accounting Fundamentals What is a Cost Allocation? Cost allocation is the process of identifying, aggregating, and assigning costs to cost objects. A cost object is any activity or item for which you want to separately measure costs.

Cost Accounting 75

Cost Accounting Financial Reporting Tax Accounting 75

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

OCTOBER 11, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals Operations Management What is Total Manufacturing Cost? Total manufacturing cost is the aggregate amount of cost incurred by a business on its production operations within a reporting period. The result is the cost of direct labor.

Cost Accounting 75

Cost Accounting Payroll Budgeting Billing 75

Accounting Tools

SEPTEMBER 9, 2023

Related Courses Cost Accounting Fundamentals A fixed cost is a cost that does not change over the short-term, even if a business experiences changes in its sales volume or other activity levels. This is the cost of funds loaned to a business by a lender. Property taxes. Interest expense.

Cost Accounting 75

Cost Accounting Tax Accounting Accounting 75

Accounting Tools

MAY 15, 2023

Related Courses Activity-Based Costing Cost Accounting Fundamentals Cost Management Guidebook What is Cost Structure? Cost structure refers to the types and relative proportions of fixed costs and variable costs that a business incurs. Administrative overhead Variable costs.

Customer Service 75

Customer Service Cost Accounting Payroll Billing 75

Accounting Fun

OCTOBER 7, 2022

Profit – A chief executive who gives the accountant the bottom-line. Corporation Tax – A levy on people with large stomachs. Book-keeping – Those books not given to the accountant. Fixed Cost – Size of required bribe. Cost Accounting – Size of accountants' bill.

Accounting 40

Accounting Accounting Corporation Tax Collections 40

Accounting Tools

OCTOBER 23, 2023

Related Courses Bookkeeping Guidebook Cost Accounting Fundamentals The difference between cost and expense is that cost identifies an expenditure , while expense refers to the consumption of the item acquired. Unfortunately, cost and expense tend to be used interchangeably even within the accounting terminology.

Cost Accounting 75

Cost Accounting Billing Bookkeeping Financial Accounting 75

Accounting Tools

JULY 17, 2023

Related Courses Accounting for Inventory How to Audit Inventory Inventory Management What is the Cost of Inventory? Inventory cost includes the costs to order and hold inventory , as well as to administer the related paperwork. Inventory costs can be classified as follows.

Cost Accounting 70

Cost Accounting Payroll Auditing Tax 70

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

JULY 14, 2024

Here are several examples of direct expenses: The materials used to construct a product for sale The cost of the freight needed to transport goods to and from a manufacturing facility The labor incurred to produce hours billable to a client Labor and payroll taxes paid based on the number of units produced Production materials consumed during the manufacture (..)

Payroll 52

Payroll Cost Accounting Tax Accounting 52

Billah and Associates

OCTOBER 22, 2019

This is the reason professional accountants enjoy a unique and pivotal position in companies. Roles and Importance of Professional Accountants in Business Let’s look at the importance of accountants in running a successful business. They also help in budgeting and saving costs for such new ideas.

Accounting 40

Accounting Accounting Financial Statements Financial Reporting 40

Accounting Tools

JULY 15, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What is COGS? COGS is the cost of those goods associated with product sales. The main categories of costs included in COGS are direct materials , direct labor , factory overhead , and production supplies.

Payroll 75

Payroll Auditing Cost Accounting Accounting 75

Accounting Tools

JUNE 3, 2024

What is Total Labor Cost? Total labor cost is the aggregate cost of the hours worked by all employees , plus all related payroll taxes and benefits. Total labor cost is comprised of a number of line items, which include the following: Direct labor cost. Payroll taxes.

Payroll 40

Payroll Cost Accounting Budgeting Tax 40

Accounting Tools

OCTOBER 22, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What is a Job Cost Sheet? A job cost sheet is a compilation of the actual costs of a job. The report is compiled by the accounting department and distributed to the management team, to see if a job was correctly bid.

Payroll 40

Payroll Cost Accounting Computation Billing 40

Accounting Tools

AUGUST 8, 2023

Related Courses Cost Accounting Fundamentals What are Manufacturing Costs? Manufacturing costs are the costs incurred during the production of a product. These costs include the costs of direct material , direct labor , and manufacturing overhead.

Cost Accounting 40

Cost Accounting Tax Accounting Accounting 40

Accounting Tools

SEPTEMBER 28, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What is Actual Overhead? Actual overhead is indirect factory costs that have been incurred. This is essentially all factory costs, except for direct material and direct labor costs.

Cost Accounting 40

Cost Accounting Tax Accounting Accounting 40

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

DECEMBER 28, 2023

Indirect labor also refers to many types of administrative labor positions, such as any accounting, marketing, or engineering position.

Financial Analysis 40

Financial Analysis Cost Accounting Payroll Tax 40

Accounting Tools

OCTOBER 18, 2024

If a cost is capitalized, it is charged to expense over time through the use of amortization (for intangible assets ) or depreciation (for tangible assets ). A short-term variation on the capitalization concept is to record an expenditure in the prepaid expenses account, which converts the expenditure into an asset.

Auditing 75

Auditing Accounting Accounting Tax 75

Accounting Tools

SEPTEMBER 19, 2023

Related Courses Cost Accounting Fundamentals What is Original Cost? Original cost is the price paid to initially acquire an asset. This cost is considered to include the cost to buy an asset, transport the asset to where it is intended to be used, install it, and test it.

General Ledger 40

General Ledger Cost Accounting Tax Accounting 40

Accounting Tools

OCTOBER 19, 2024

Direct labor costs are most commonly associated with products in a job costing environment, where the production staff is expected to record the time they spend working on various jobs. These are also considered to be direct labor costs. What is Included in Direct Labor Cost?

Payroll 40

Payroll Cost Accounting Tax Billing 40

Less Accounting

MARCH 16, 2023

How Much Does a Bookkeeper Cost Accounting is probably not your favorite part of your business. Even if you are a solopreneur, freelancer, or small business owner, you may need to look into how much a bookkeeper costs and if you are ready to outsource bookkeeping to a professional. What does a bookkeeper do?

Bookkeeping 52

Bookkeeping Virtual Bookkeeping Bookkeeping Services Outsourced Bookkeeping 52

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 20, 2024

Or, the incremental cost of shutting down a production line includes the costs to lay off employees, sell unnecessary equipment, and convert the facility to some other use. As a third example, the sale of a subsidiary includes the legal costs of the sale. Bringing in the new hires would eliminate the overtime being worked.

Financial Analysis 40

Financial Analysis Payroll Cost Accounting Tax 40