Acent Documentation
A quarterly income statement shows the gross profit or loss generated by your business over a three-month period. It can also be referred to as a profit or loss account and is a crucial financial statement that shows the business’s operating income and expenditures, detailing your net income or net profits. Income statement reports show …
Continue reading “Income Statement Items Explained With Examples”
For instance, if the activity base is machine hours, you calculate predetermined overhead rate by dividing the overhead costs by the estimated number of machine hours. This is calculated at the start of the accounting period and applied to production to facilitate determining a standard cost for a product. If an actual rate is computed …
Continue reading “CD and Savings Rates Today: Start Earning More Interest”
Your concise guide to understanding GnuCash’s role in financial software. Christiana Jolaoso-Oloyede writes for media publications, B2B brands and nonprofits. Some states require passing an ethics exam and most state boards accept the AICPA’s comprehensive ethics course and exam. This exam can generally be taken before, during or after the CPA Exam and test results …
Home Depot reports net receivables and net property and equipment, implying that both are reduced by contra assets. We’ll need to dig into the footnotes to find out what the contra accounts are. Generally in the financial statements contra revenue account the revenue account would be offset against the contra revenue account to show the …
Continue reading “Contra Revenue: Streamlining Returns, Discounts, & Allowances”
LLC structures allow business owners to separate their personal finances from the company’s finances. Owners of LLCs cannot be held personally liable for debts incurred solely by the company. Accountants use multiple formats when creating balance sheets including classified, common size, comparative, and vertical balance sheets. Each format presents information as line items that, when …
Continue reading “Accounting Ratios Overview, Examples, Formulas”
The pattern of bookkeeping is changing as software is replacing the calculations. Do it – they’ll love that you understand them, and can offer them the advice and services THEY need. There are plenty of things one can do to not only compete with (and compliment) what your ‘competition’ does, but to also compete with automation. …