Categoria: Bookkeeping

T account is an appropriate form to analyze the accounts and it shows sides of account i.e. debit side and credit side of an account. The applications vary slightly from…

In Dairy industries, butter or cheese is the main product, but butter milk is the by-product. In an Oil refinery, petrol is the main product, while sulphur, chemical fertilisers, bitumen…

This can include anything from salary and wages, commissions, pension plan contributions, and benefits. Hiring a freelancer, needing a plumber for broken pipes, or getting a Certified Public Accountant (CPA)…

By modeling your renewal bookings based on these factors, you can gain insights into the future revenue continuity of your business and implement strategies to improve customer retention. Total Addressable…

Additional points were given for the use of purchase orders and the ability to add returned merchandise back into inventory. If you’re struggling to pick the right solution for you,…

Using T Accounts, tracking multiple journal entries within a certain period of time becomes much easier. Every journal entry is posted to its respective T Account, on the correct side,…

It is important to note that repeated failure to correct the information with an amended return will result in fines but not the loss of tax-exempt status. As such, it…

As a result, it is critical for any business to understand its operating cycle so that it can forecast how much working capital they need or is on hand at…

Accumulated depreciation takes into consideration the total amount of depreciation of an asset from the point that it started being used. It is what is known as a contra account;…

For instance, if an accountant forgets to document an expense or factor in a prepaid expense that has already been amortised, this may lead to inaccurate financial reporting. Consequently, such…