Accounting Tools

SEPTEMBER 7, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What is a Cost of Goods Manufactured Schedule? The cost of goods manufactured schedule is used to calculate the cost of all items produced during a reporting period.

Financial Statements 75

Financial Statements Cost Accounting Auditing Financial Accounting 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? Thus, the costs of such items as corporate salaries, audit and legal fees, and bad debts are not included in manufacturing overhead.

Cost Accounting 75

Cost Accounting Financial Statements Financial Reporting Auditing 75

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

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 Auditing 75

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

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

Accounting Tools

JULY 7, 2024

Related AccountingTools Courses Cost Accounting Fundamentals Effective Decision-Making Financial Analysis Allocated Costs Overhead costs are allocated to manufactured goods only because it is required by the accounting standards (for the production of financial statements ).

Cost Accounting 75

Cost Accounting Financial Analysis Financial Statements Accounting 75

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 Financial Reporting Payroll 75

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

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 Cost Accounting 75

Intuit

SEPTEMBER 18, 2024

Overall, you need at least 120 semester hours or 180 quarter hours of education that includes the following: At least 24 semester hours or 36 quarter hours of upper-division accounting, including: At least 3 semester or 4 quarter hours of financial accounting, based on U.S.

CPA 130

CPA QuickBooks Customer Service Bookkeeping 130

Accounting Tools

OCTOBER 19, 2024

However, it may be listed as a separate line item in the cost of goods manufactured schedule , which is internal to the accounting department; it is not included in a company’s financial statements. Variable Overhead Variances Variable overhead is analyzed with two variances, which are noted below.

Budgeting 75

Budgeting Financial Statements Cost Accounting Billing 75

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

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

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

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

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 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

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

MARCH 23, 2023

The accounting standards mandate that the carrying amount of inventory items be written down to their market values (subject to various limitations) if those market values decline below cost. Account for spoilage, rework, and scrap. Disclosures.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

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 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

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

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

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

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

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

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

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

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

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 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

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