Accounting Tools

DECEMBER 30, 2023

What is a Remainder Beneficiary? A remainder beneficiary is a person who is entitled to receive principal when the income interest in a trust ends. This typically means that the income from a trust goes to one or more income beneficiaries , either for a fixed period of time or until a future event (such as their deaths). At that time, the remaining amount in the trust is transferred to the remainder beneficiaries. in short, the remainder beneficiary is second in line to inherit after the primary

Accounting 40

Accounting Accounting 40

Accounting Tools

DECEMBER 30, 2023

What is Intellectual Property? Intellectual property is a concept or idea that has commercial value and can be protected with a copyright, patent, or trademark. A business may go to great lengths to obtain legal protections for its intellectual property, and take legal action to pursue anyone using these assets without permission. Examples of Intellectual Property The main types of intellectual property are patents, trademarks, copyrights, and trade secrets.

Accounting 40

Accounting Accounting 40

Accounting Tools

DECEMBER 30, 2023

What is Work in Progress? Work in progress (WIP) refers to partially-completed goods that are still in the production process. These items may currently be undergoing transformation in the production process, or they may be waiting in queue in front of a production workstation. Work in progress items do not include raw materials or finished goods. Work in progress is usually comprised of the full amount of raw materials required for a product, since that is added at the beginning of production,

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

DECEMBER 30, 2023

What is a Check Stub? A check stub is attached to a check , and provides the detail regarding the amount paid. The contents of a check stub typically include the invoice number paid and the amount paid, which sums to a grand total paid. When a check stub relates to a paycheck, it itemizes the gross amount being paid, minus all pay deductions, resulting in a net pay figure.

Accounts Payable 40

Accounts Payable Accounts Payable Invoicing Bookkeeping 40

Speaker: Timothy Allsopp

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Invoicing

Accounting Tools

DECEMBER 30, 2023

What is a Settlor? A settlor is the party whose role is to transfer control of an asset to a trustee, who then manages it on behalf of various beneficiaries. This is done by establishing a trust agreement. Trusts are used to hold money and other assets during the period following the death of the settlor, so that the associated assets can be readily transferred to the designated beneficiaries.

Accounting 40

Accounting Accounting 40

Accounting Tools

DECEMBER 30, 2023

What is the Sales to Total Assets Ratio? The sales to total assets ratio measures the ability of a business to generate sales on as small a base of assets as possible. When the ratio is quite high, it implies that management is able to wring the most possible use out of a small investment in assets. A lower ratio implies that management is not so effective in its use of assets.

Financial Statements 40

Financial Statements 40