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.

Cost Accounting 72

Cost Accounting Financial Reporting Budgeting Tax 72

Accounting Tools

FEBRUARY 11, 2024

When to Use Normal Costing Normal costing is designed to yield product costs that do not contain the sudden cost spikes that can occur when actual overhead costs are used; instead, it uses a smoother long-term estimated overhead rate.

Financial Reporting 74

Financial Reporting Cost Accounting Budgeting Accounting 74

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. These reports are generally directed to the managers of a business, rather than to any external entities, such as shareholders or lenders.

Accounting 75

Accounting Accounting Financial Statements Cost Accounting 75

Accounting Tools

MAY 19, 2023

Related Courses Cost Accounting Fundamentals Cost Management Guidebook What is a Deferred Cost? A deferred cost is a cost that you have already incurred, but which will not be charged to expense until a later reporting period. In the meantime, it appears on the balance sheet as an asset.

Cost Accounting 74

Cost Accounting Financial Reporting Accounting Accounting 74

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

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.

Financial Statements 75

Financial Statements Cost Accounting Financial Reporting Accounting Software 75

Accounting Tools

NOVEMBER 1, 2023

Related Courses Activity-Based Costing Cost Accounting Fundamental What is an Expense Allocation? An expense allocation occurs when indirect costs are assigned to cost objects. A cost object is anything for which a cost is compiled.

Financial Statements 75

Financial Statements Cost Accounting Financial Reporting Accounting 75

Accounting Tools

AUGUST 7, 2024

For example, if the amount in the manufacturing overhead cost pool is $10,000 and there are a total of 1,000 hours of machine time used by all products, then the burden rate is $10.00 This information is of less use for internal decision-making purposes, where managers typically use direct costs instead. per machine hour used.

Payroll 76

Payroll Cost Accounting Financial Reporting Billing 76

Accounting Tools

DECEMBER 26, 2023

Second, it must allocate costs to its inventory on hand at the end of the reporting period, as required under both Generally Accepted Accounting Principles and International Financial Reporting Standards. The result is fully-loaded inventory costs that it reports on its balance sheet.

Budgeting 75

Budgeting Cost Accounting Financial Reporting Accounting 75

Accounting Tools

JUNE 20, 2023

Financial accounting requires detailed knowledge of the accounting framework used by the reader of a company's financial statements , such as Generally Accepted Accounting Principles ( GAAP ) or International Financial Reporting Standards ( IFRS ).

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

OCTOBER 11, 2023

The following discussion of accounting basics is needed to give you a firm grounding from which to understand how an accounting system works and how it is used to generate financial reports. This means setting up accounts in which financial information is stored.

Accounting 75

Accounting Accounting Record Keeping Purchase Order 75

Accounting Tools

DECEMBER 19, 2023

These documents are presented based on sets of rules known as accounting frameworks , of which the best known are Generally Accepted Accounting Principles ( GAAP ) and International Financial Reporting Standards ( IFRS ).

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

SMB Accounting and Consulting

DECEMBER 21, 2022

Forensic accountants research financial transactions to uncover fraud. Managerial accountants work to collect and compile data used to make management decisions. Tax accountants specialize in IRS law and completion of tax returns. to review performance and profitability. None of these tasks are done by bookkeepers.

Bookkeeping 52

Bookkeeping Financial Statements Accounting Accounting 52

Accounting Tools

APRIL 6, 2023

Related Courses Cost Accounting Fundamentals What are Indirect Manufacturing Costs? Indirect manufacturing costs are production costs that cannot be directly associated with a produced unit. Examples of these costs are supplies, depreciation , utilities, production supervisory wages, and machine maintenance.

Financial Reporting 40

Financial Reporting Cost Accounting Accounting Accounting 40

Accounting Tools

AUGUST 9, 2024

This results in significant accounting efficiencies. Is Standard Costing Allowable in GAAP and IFRS? Both Generally Accepted Accounting Principles ( GAAP ) and International Financial Reporting Standards ( IFRS ) require that an entity report its actual costs incurred when reporting expenses.

Cost Accounting 40

Cost Accounting Financial Reporting Collections Accounting 40

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

APRIL 3, 2023

Related Courses Cost Accounting Fundamentals What is Variable Costing? Variable costing is a methodology that only assigns variable costs to inventory. The frameworks do not favor the use of variable costing, because it does a poor job of matching revenues with all related expenses.

Financial Statements 40

Financial Statements Cost Accounting Financial Reporting Accounting 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. Internal inventory reporting.

Financial Statements 52

Financial Statements Financial Reporting Financial Analysis Cost Accounting 52

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

SEPTEMBER 21, 2023

Related Courses Cost Accounting Fundamentals Cost Management Guidebook What are Direct Costs? A direct cost is totally traceable to the production of a specific item, such as a product or service. For example, the cost of the materials used to create a product is a direct cost.

Cost Accounting 40

Cost Accounting Financial Reporting Accounting Accounting 40

Accounting Tools

OCTOBER 25, 2023

Related Courses Cost Accounting Fundamentals What is the Accounting for Variances? There is usually no need to account for variances. There are detailed procedures available for reporting variances to management, along with the reasons for the variances.

General Ledger 40

General Ledger Accounting Accounting Budgeting 40

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. These are some of the reasons why accounting is important in business.

Accounting 40

Accounting Accounting Financial Statements Financial Reporting 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

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

AUGUST 3, 2023

Consequently, the concept of timeliness in this area means that the controller should use fast close techniques to close the books and distribute accurate financial statements as quickly as possible. The accounting department typically compiles and reports these variances following the end of the month.

Financial Statements 40

Financial Statements Accounting Accounting Bookkeeping 40

Nanonets

JUNE 27, 2024

Bank reconciliation can help ensure the company's accurate financial reporting when done regularly. Bank Reconciliation Definition Bank Reconciliation is the process of matching each balance on the accounting records to the balance noted on the bank statement.

Reconciling 40

Reconciling Bank Reconciliation Deposits Accounting 40

Accounting Tools

APRIL 17, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What is Standard Costing? Standard costing is the practice of substituting an expected cost for an actual cost in the accounting records. This results in significant accounting efficiencies. Inventory costing.

Budgeting 40

Budgeting Cost Accounting 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. It is allowed by the IRS for tax reporting purposes.

Financial Statements 75

Financial Statements Financial Reporting Payroll Tax 75

Accounting Tools

MAY 18, 2024

If a company incurs costs prior to a split-off point, it must allocate them to products, under the dictates of both generally accepted accounting principles and international financial reporting standards.

Cost Accounting 40

Cost Accounting Financial Reporting Accounting Accounting 40

AWS FinOps

NOVEMBER 16, 2022

Figure 2: AWS Pricing Calculator example for new product launch forecast Combined upfront and ongoing costs for new product launches It’s important to account for development costs throughout a product’s lifecycle.

Financial Reporting 52

Financial Reporting Cost Accounting Accounting Accounting 52

IMA's Count Me

DECEMBER 26, 2019

The content, for part one is a external financial reporting, planning, budgeting and forecasting is the second domain, cost management, performance management and internal controls. Dennis : (06:45) Yeah, I think the most frequent one I hear is that the CMA is all about cost accounting and that definitely is a misconception.

CPA 40

CPA Financial Statements Management Accounting Corporate Finance 40

IMA's Count Me

SEPTEMBER 21, 2022

Denny has spent a lifetime working in accounting and finance. He currently serves as a member of IMA's Financial Reporting Committee and as the executive in residence at the JM Toll School of Accounting, Terry College of Business at University of Georgia. Tori also recently won the Elijah Sales Award for her CPA score.

Computation 40

Computation CPA Management Accounting Financial Reporting 40