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April 09, 2021

Charles Lutwidge
What does MM mean? Explanation and Examples

What does MM mean? Explanation and Examples

Financial documents are an important part of success in the financial world. Thus, being able to accurately read financial statements is crucial if you are a business owner, an investor, or an individual who interacts with financial documents in one way..

Articles

April 09, 2021

Charles Lutwidge
Direct vs Indirect Cash Flow Statement Preparation Methods

Direct vs Indirect Cash Flow Statement Preparation Methods

Cash Flow Statement Cash is a valuable resource for every organization. The movement of funds accompanies and supports almost all aspects of the economic activity of the enterprise. To effectively manage cash flow, you need to know its amount, its structure,..

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March 30, 2021

Charles Lutwidge
Accumulated Depreciation Explanation and Calculation Example

Accumulated Depreciation Explanation and Calculation Example

Definition Fixed assets are subject to gradual depreciation during their use, so they gradually transfer their value to finished products or rendered services. Depreciation is defined as the process of deterioration of fixed assets due to their use or obsolescence. Although..

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March 30, 2021

Charles Lutwidge
Process Costing Explanation and Example

Process Costing Explanation and Example

Definition When we assign a cost to a product, we can use job costing if it is a unique product or a service and we can assign the costs directly. In some cases, though, it is going to be too time-consuming...

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March 30, 2021

Charles Lutwidge
What is Net Realizable Value? How to Calculate NRV?

What is Net Realizable Value? How to Calculate NRV?

Inventory values can fall over time, especially for items that are subject to stiff competition or the life cycle of the product declines with time. Thus, we need a way to accurately reflect the true financial value of such assets. Net..

Articles

March 30, 2021

Charles Lutwidge
Simple Explanation of SG&A Expenses

Simple Explanation of SG&A Expenses

Definition Selling, general, and administrative expenses is an accounting term that you will see on the Profit and Loss report. What exactly are these expenditures? It is actually very close to its name. The definition of SG&A is the sum of..

Articles

March 30, 2021

Charles Lutwidge
Break Even Point: What is it and Why is it important?

Break Even Point: What is it and Why is it important?

Definition The main purpose of a business is to make a profit, which is the main source of finances for the current activities of the enterprise and its future development. Since profit plays a major role in the company’s activities, it..

Articles

March 30, 2021

Charles Lutwidge
Cost Principle Definition and Role in Accounting

Cost Principle Definition and Role in Accounting

Definition The definition of cost principle is a rule according to which business transactions are reflected in the accounting documents in accordance with their value at the time of the initial transaction (the cost paid to purchase the asset), and not..

Articles

March 30, 2021

Charles Lutwidge
A Simple Guide to Payroll Accounting

A Simple Guide to Payroll Accounting

What is Payroll Accounting? Payroll is a process of calculating workers’ salaries, tax deductions, and paying them. Here are the basic steps you would follow in payroll accounting: Calculate and report an employee(s) gross pay Calculate employee(s) deductions Calculate employer(s) deductions..

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What does MM mean? Explanation and ExamplesDirect vs Indirect Cash Flow Statement Preparation MethodsAccumulated Depreciation Explanation and Calculation ExampleProcess Costing Explanation and ExampleWhat is Net Realizable Value? How to Calculate NRV?Simple Explanation of SG&A ExpensesBreak Even Point: What is it and Why is it important?Cost Principle Definition and Role in AccountingA Simple Guide to Payroll AccountingWhat Does Goodwill Mean in Accounting?Introduction to Pro Forma Financial StatementsMeaning and Example of Credit MemoActivity-Based CostingStandard Costing Meaning and How It WorksPlant Assets: Explanation and ExamplesHow to Calculate Sales Tax: Step-by-Step GuideExplanation of Cash Flow and Its ImportanceOutstanding Checks: Definition and How to deal with themMatching Principle: Definition and ImportanceWhat is a Chart of Accounts?Conversion Costs: Meaning, Formula, and ExampleWhat is the Cost of Goods Sold? 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Accounting and Bookkeeping ServicesIntroduction to Cash Flow ForecastCPA Exam Cost and License FeesBill Pay AutomationOverview of the Best Invoicing ToolsBest Payroll Software for Small BusinessesBest Accounting Software – Top 5 ChoicesHow to Hire an AccountantA Guide to Your Own Virtual Bookkeeping BusinessOverview of Fractional CFO ServicesOutsourced BookkeepingProperty Management Accounting GuideA Guide to Real Estate EscrowCryptocurrency AccountingIntroduction to Financial Statements for NonprofitsStartup Bookkeeping: Basics and TipsYour Guide to Real Estate TaxesRemote Books Online ReviewLedgerGurus Review: Virtual and Outsourced Accounting25 Highest Paid Occupations in the U.S. for 2020The 5 Richest People in the World and How Coronavirus Affected ThemHow to Fill Out Form W-4 2020The Best Practices for eCommerce BookkeepingPart-time Bookkeeping - A Solution to Your Small Business ProblemsRemote Bookkeeping for Small BusinessesBill.com ReviewOnline AccountingQuickBooks Self-Employed – a Bookkeeping Service with Online LoginWhat is a Bookkeeper?What is QuickBooks Payroll Service?Deductible ExpensesWhat is Gross Profit?What is Deferred Revenue?1-800Accountant ReviewBench Accounting ReviewReview of BotkeeperReview of inDineroWhat is Indirect Cost?What is petty cash, and why is it important for small businesses?Foreign Currency Translation — International Accounting BasicsWhat is a C Corporation (C Corp)?SmartBooks ReviewReview of KPMG SparkWhat is an S Corporation (S Corp)?Pilot Bookkeeping Service ReviewADP Run Review: Payroll Software for Small BusinessesGusto ReviewHubdoc 101: The Basics from Hubdoc Reviews ExpertsReview of ScaleFactor BookkeepingWhat are Financial Statements?What is an Income Statement?What is a Cash Flow Statement?What Are 1099s?Tax Season 2020: What You Need to KnowNetSuite ERP ReviewKashoo ReviewGoDaddy Bookkeeping ReviewsSage 50cloud ReviewSage Intacct ReviewWhat is QuickBooks Accountant?How to Become a QuickBooks ProAdvisor in 3 StepsAccounting Profit and LossPayroll Taxes and Employer ResponsibilitiesZoho Books Review — What You Need to KnowAdjusting EntriesPurchases JournalOpening Entry in AccountingWhat is Xero?Wave Accounting Review — What You Need to KnowTurboTax Review – The Best Online Tax Preparation Software or Not?Intuit Payroll ReviewWhat is FreshBooks?Balancing off AccountsCash Disbursement JournalQuickBooks Online ReviewDifferent Types of AccountingPosting in AccountingSales JournalControl AccountsContra Expense AccountAccrual to Cash ConversionTypes of Error in AccountingAccounting Transaction AnalysisWhat is the accounting cycle?What is a general ledger account?Royalties in AccountingAccruals and DeferralsWhat is the accounting equation?What is Unearned Revenue in Accounting?Retained Earnings StatementA Guide to Prepaid ExpensesThe Agent BackgroundHow much does an EA earn?What is the accounting equation?What is an enrolled agent, and does your business need one?What CPAs areWhat is bookkeeping, and how does it operate today?Why is accounting important?
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