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 28, 2023

Related Courses Accounting for Inventory Activity-Based Costing Cost Accounting Fundamentals What is a Plantwide Overhead Rate? The plantwide overhead rate is a single overhead rate that a company uses to allocate all of its manufacturing overhead costs to products or cost objects.

Financial Statements 75

Financial Statements Cost Accounting Accounting Accounting 75

Accounting Tools

JULY 13, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What is Full Costing? Full costing is used to determine the complete and entire cost of something. The concept is most commonly used for recording the full cost of inventory in the financial statements.

Financial Reporting 40

Financial Reporting Cost Accounting Financial Statements Collections 40

Accounting Tools

MARCH 26, 2023

Related Courses Cost Accounting Fundamentals The Income Statement The Interpretation of Financial Statements What is a Cost of Goods Sold Statement? A cost of goods sold statement compiles the cost of goods sold for an accounting period in greater detail than is found on a typical income statement.

Financial Statements 75

Financial Statements Cost Accounting Accounting Accounting 75

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. This approach reserves only larger transactions for deferral treatment.

Financial Statements 75

Financial Statements Cost Accounting Financial Reporting Accounting Software 75

Accounting Tools

JULY 14, 2024

This concept is only applicable to management accounting activities; it is is not used in financial accounting , since no spending decisions are involved in the preparation of financial statements.

Financial Analysis 40

Financial Analysis Financial Statements Cost Accounting Financial 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.

Financial Analysis 40

Financial Analysis Accounting Accounting Financial Statements 40

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

MAY 18, 2024

For the purposes of this specific production-increase decision, then, the associated direct costs are: Related AccountingTools Courses Cost Accounting Fundamentals Financial Analysis When to Use Direct Costing Direct costing is of great use as an analysis tool. Profit-volume relationship.

Financial Statements 52

Financial Statements Financial Reporting Financial Analysis Cost Accounting 52

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

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

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

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

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

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

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

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

APRIL 3, 2023

Related Courses Cost Accounting Fundamentals What is Variable Costing? Variable costing is a methodology that only assigns variable costs to inventory. For example, one might conduct a breakeven analysis to determine the sales level at which a business earns a zero profit.

Financial Statements 40

Financial Statements Financial Reporting Cost Accounting Accounting 40

Accounting Tools

APRIL 20, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What is Overhead Absorption? Overhead absorption is the amount of indirect costs assigned to cost objects. Indirect costs are costs that are not directly traceable to an activity or product.

Financial Statements 40

Financial Statements Cost Accounting Financial Reporting Accounting 40

Accounting Tools

MARCH 29, 2023

Related Courses Accounting for Inventory Activity-Based Costing Cost Accounting Fundamentals What is Factory Overhead? Factory overhead is the costs incurred during the manufacturing process, not including the costs of direct labor and direct materials.

Budgeting 40

Budgeting Financial Statements Cost Accounting Tax 40

Accounting Tools

OCTOBER 24, 2023

Related Courses Cost Accounting Fundamentals Financial Analysis What is a Semi-Variable Cost? A semi-variable cost is a cost that contains both fixed cost and variable cost elements.

Financial Analysis 40

Financial Analysis Financial Statements Cost Accounting Budgeting 40

Accounting Tools

JUNE 12, 2023

Related Courses Accounting for Inventory Activity-Based Costing Cost Accounting Fundamentals What is Applied Overhead? Applied overhead is the amount of overhead cost that has been applied to a cost object. Under these frameworks, applied overhead is included in the financial statements of a business.

Financial Statements 40

Financial Statements Cost Accounting Financial Reporting Accounting 40

Accounting Tools

MARCH 27, 2023

Related Courses Cost Accounting Fundamentals Financial Analysis The Interpretation of Financial Statements What is the Cost Volume Formula? The cost volume formula is used to derive the total cost that will be incurred at certain production volumes.

Financial Analysis 40

Financial Analysis Financial Statements Budgeting Cost Accounting 40

Nanonets

JUNE 27, 2024

Reconciling the bank statement involves comparing the company's internal financial records or ledger to the bank statement received via the bank. Key takeaways: Bank reconciliation is the transaction matching of your records against the bank statement.

Reconciling 40

Reconciling Bank Reconciliation Deposits Accounting 40

Accounting Tools

JUNE 16, 2023

Related Courses Cost Accounting Guidebook Financial Analysis The Interpretation of Financial Statements What is the Weighted Average Contribution Margin? The weighted average contribution margin is the average amount that a group of products or services contribute to paying down the fixed costs of a business.

Financial Analysis 40

Financial Analysis Financial Statements Cost Accounting Accounting 40

Accounting Tools

MAY 7, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals The Interpretation of Financial Statements What is the Cost of Goods Sold? Cost of goods sold is the total of all costs used to create a product or service, which has been sold.

Financial Statements 75

Financial Statements Financial Reporting Payroll Tax 75

IMA's Count Me

DECEMBER 26, 2019

But again, the CPA is geared toward the auditor's, the professional accountants who are looking, there are outside the organization and they're attesting to the accuracy of the financial statements and also those who are tax specialists doing tax returns. And part two we cover more of the financial management.

CPA 40

CPA Financial Statements Corporate Finance Management Accounting 40