Accounting Tools

OCTOBER 11, 2023

There are numerous more advanced topics that fall under the umbrella of accounting, as noted below. Cost Accounting Cost accounting involves the review of product costs, examining operating variances, engaging in profitability studies, bottleneck analysis, and many other operational topics.

Accounting 75

Accounting Accounting Record Keeping Purchase Order 75

Accounting Tools

NOVEMBER 1, 2023

Areas of Accounting Specialization There are many sub-fields within accounting in which a person can specialize. For example, there are tax accountants , cost accountants , payroll clerks , billing clerks , general ledger accountants , and collection clerks.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 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. The cost of cost accounting personnel is charged to expense as incurred.

Cost Accounting 70

Cost Accounting Payroll Auditing Accounting 70

Accounting Tools

OCTOBER 22, 2023

Stock taking is a common requirement of a periodic inventory system , and may also be required as part of a company's annual audit. Verify Counts The cost accountant compares the resulting information to the unit balances maintained in the company's perpetual inventory system (assuming that it has one).

Computation 75

Computation Reconciling Auditing Cost Accounting 75

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

JULY 25, 2024

Related AccountingTools Courses Accounting for Inventory Cost Accounting Fundamentals Related Articles Corporate Overhead Factory Overhead Manufacturing Overhead Non-Manufacturing Overhead Costs Terms Similar to Administrative Overhead Administrative overhead is also known as general and administrative overhead.

Cost Accounting 40

Cost Accounting Auditing 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

OCTOBER 18, 2024

Consequently, the capitalization of costs will cause reported profit levels on the income statement to vary from the associated cash flows reported on the statement of cash flows. The main problem with the use of capitalized costs is that expenditures are not recognized on the income statement for a long time.

Auditing 75

Auditing Accounting Accounting Tax 75

Accounting Tools

OCTOBER 22, 2023

Related Courses Cost Accounting Fundamentals What are Indirect Expenses? Indirect expenses are those expenses that are incurred to operate a business as a whole or a segment of a business, and so cannot be directly associated with a cost object , such as a product, service, or customer.

Cost Accounting 40

Cost Accounting Auditing Accounting Accounting 40

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What is Direct Material Cost? Direct material cost is the cost of the raw materials and components used to create a product.

Cost Accounting 40

Cost Accounting Budgeting Billing Auditing 40

Accounting Tools

APRIL 5, 2023

Related Courses Cost Accounting Fundamentals Operations Management What is Backflush Costing? Backflush costing is a streamlined approach to recording the cost of production only after goods have been produced. Terms Similar to Backflush Costing Backflush costing is also known as backflush accounting.

Cost Accounting 40

Cost Accounting Billing Auditing 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. This can be a substantial chore if employees work on a multitude of different products.

Payroll 40

Payroll Cost Accounting Billing Tax 40

Accounting Tools

JUNE 16, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What are Indirect Materials? Indirect materials are materials used in the production process, but which cannot be linked to a specific product or job.

Record Keeping 40

Record Keeping Billing Auditing Cost Accounting 40

Accounting Tools

SEPTEMBER 26, 2023

Related Courses Cost Accounting Fundamentals What is an Efficiency Variance? For example, an efficiency variance can be calculated for the number of hours required to complete an audit versus the budgeted amount. Related Articles Accounting for Variances Cost Variance Analysis Exception Report

Budgeting 40

Budgeting Auditing Cost Accounting Accounting 40

Accounting Tools

JUNE 9, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What is Job Costing? Job costing involves the accumulation of the costs of materials, labor, and overhead for a specific job. An alternative use is to see if any excess costs incurred can be billed to a customer.

Cost Accounting 40

Cost Accounting Billing Invoicing Budgeting 40

Accounting Tools

OCTOBER 27, 2023

Without proper account analysis, these accounts tend to build up amounts that should have been purged at some point in the past. If a company's external auditors locate these problems during an audit , they will require that the indicated items be written off , resulting in unexpected earnings reductions.

Accounting 40

Accounting Accounting Reconciling Account Reconciliation 40

Accounting Tools

JULY 23, 2024

Related AccountingTools Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory Material Costing for Subsequent Valuation Once inventory has been received into stock, it is subject to the lower of cost or market (LCM) rule.

Financial Reporting 40

Financial Reporting Auditing Cost Accounting Accounting 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

SEPTEMBER 20, 2023

Related Courses Accounting for Inventory How to Audit Inventory What is a LIFO Layer? A LIFO layer refers to a tranche of cost in an inventory costing system that follows the last-in, first-out (LIFO) cost flow assumption. The cost accountant can provide them with this information.

Auditing 40

Auditing Cost Accounting Tax Accounting 40

Accounting Tools

SEPTEMBER 7, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory How to Create a Cost of Goods Sold Journal Entry The cost goods sold is the cost assigned to those goods or services that correspond to sales made to customers.

General Ledger 40

General Ledger Billing Cost Accounting Invoicing 40

Accounting Tools

OCTOBER 23, 2023

Related Courses How to Conduct an Audit Engagement New Controller Guidebook The Difference Between the CPA and CMA Certifications There are a number of certifications available to the accountant, of which the best-known are the CPA ( certified public accountant ) and CMA ( certified management accountant ).

CPA 40

CPA General Ledger Budgeting Auditing 40