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 Payroll Financial Reporting 75

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

DECEMBER 19, 2023

The information in the general ledger is used to derive financial statements , and may also be the source of some information used for internal management reports. Reporting The reporting aspects of accountancy are considerable, and so have been divided into smaller areas of specialization, which are noted below.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

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. Management reports are issued to the management team.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 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!

CPA 98

CPA Financial Statements Accounting Accounting 98

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

JUNE 20, 2023

Financial Accounting Those in the financial accounting field are concerned with the aggregation of financial information into external reports. There is also the controller track, which requires a combined knowledge of financial and management accounting.

Accounting 75

Accounting Accounting Financial Statements CPA 75

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

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 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

APRIL 6, 2024

Collections Function The accounting department is responsible for keeping track of overdue invoice payments from customers, and uses a variety of methods to extract payment from them, including dunning letters , phone calls, and attorney letters.

Accounting 75

Accounting Accounting Financial Statements Budgeting 75

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

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

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.

Accounting 75

Accounting Accounting Financial Statements Financial Reporting 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, 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

AUGUST 3, 2023

The timeliness of accounting information refers to the provision of information to users quickly enough for them to take action. Timeliness of Financial Statements The issuance of financial statements cannot be so delayed that company managers realize too late that there is a serious performance or liquidity problem that must be rectified.

Financial Statements 40

Financial Statements Accounting Accounting Bookkeeping 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

SMB Accounting and Consulting

DECEMBER 21, 2022

Auditors provide opinions on the accuracy and reasonableness of financial statements. 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.

Bookkeeping 52

Bookkeeping Financial Statements Accounting Accounting 52

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 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 Payroll 40

accountingfly

MAY 9, 2024

FTE Accountant | Candidate ID # 20581682 Certifications: CPA planned for 2025 Education: BBA Accounting, MS Accounting Experience (years): 2 years public accounting Work experience (detail): 15+ years client facing, sales experience 2 years Staff Accountant in public accounting Manages 35+ accounting and tax clients 6+ years in banking client relationship (..)

QuickBooks 52

QuickBooks Accounting Accounting CPA 52

Accounting Tools

OCTOBER 11, 2023

Reporting Once all of the transactions related to an accounting period have been completed, the accountant aggregates the information stored in the accounts and reformats it into three documents that are collectively called the financial statements. These statements are noted below.

Accounting 75

Accounting Accounting Record Keeping Purchase Order 75

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

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, 2024

The formula is: (Sales - Variable expenses) ÷ Sales = Contribution margin ratio Related AccountingTools Courses Business Ratios Guidebook Cost Accounting Fundamentals The Interpretation of Financial Statements Profit Margin The profit margin is sales minus all expenses, divided by sales.

Accounting 40

Accounting Accounting Financial Statements Cost Accounting 40

Accounting Tools

MAY 7, 2024

The process continues until the service department that provides service to the smallest number of other service departments or has the smallest percentage of its costs consumed by other service departments has allocated its costs. Once these allocations have been completed, the process stops.

Financial Statements 40

Financial Statements Cost Accounting Accounting 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

accountingfly

AUGUST 15, 2024

ACCOUNTING CANDIDATES FTE Accounting | Candidate ID #22164769 Certifications: EA in process Education: BS BA, MBA, MS Accountancy Experience (years): 5+ years accounting experience Work experience (detail): Senior Accountant/Controller at an accounting firm Writing and implementing client SOPs Client-facing financial reviews Leads 5 staff accountants (..)

CPA 52

CPA XERO Accounting Accounting 52

Accounting Tools

JANUARY 9, 2024

In these cases, it is possible for there to be a cost of goods sold expense even in the absence of sales.

Financial Statements 40

Financial Statements Cost Accounting Accounting 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

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

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

JULY 19, 2023

Related Courses Cost Accounting Fundamentals What is a Material Variance? Material Variance Related to Materials This is the difference between the actual cost incurred for direct materials and the expected (or standard) cost of those materials. They are noted below.

Financial Statements 40

Financial Statements Cost Accounting Accounting Accounting 40