May 22, 2022
Charles Lutwidge
What are Management Assertions?
Management assertions often become nightmarish for people responsible for their preparation. They are used in auditing to ensure which financial records and disclosures are correct. If the audit shows any mistakes, it may cause problems for the company. In the...
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May 19, 2022
Charles Lutwidge
How to Balance Purchase Ledger
A well-thought accounting system is vital to any business. That’s why it’s critical to understand all components of an accounting system. One of such components is the purchase ledger. We have prepared an article for our readers to disclose the...
May 18, 2022
Charles Lutwidge
Total manufacturing cost: What is it and how to calculate it
Total manufacturing cost is the amount of money a company spends on its manufacturing operations or how much it generally costs to produce goods that customers will buy. There are three different cost categories to calculate total manufacturing costs: direct...
May 13, 2022
Charles Lutwidge
What Is the Difference Between Gross Sales and Net Sales
These two terms are primarily used to reflect the financial performance of an organization. Gross and net sales help identify the sales made by a business. They provide a complete analysis of a company’s sales, calculated over a specific period....
May 12, 2022
Charles Lutwidge
What is Full Time Equivalent (FTE)
The full-time equivalent is an arithmetic figure for resource management. It specifies the number of fictitious full-time positions with the same work capacity for several real positions with different time models. The full-time equivalent makes it possible to compare the...
May 11, 2022
Charles Lutwidge
Markup vs Margin: What’s the difference?
The profit of all trade enterprises is based on a simple formula: buy cheaper — sell more expensive. To form the price of goods and services, the concepts of margin vs markup are used, which many consider being synonymous. Nevertheless,...
May 06, 2022
Charles Lutwidge
Accounting Journal Entry for Depreciation
Depreciation of fixed assets contains the cost of fixed assets in the cost of the goods or services produced. In accounting postings, depreciation of fixed assets is recorded on Journal Entry for Depreciation. Depreciation allows the manufacturer to include all...
May 05, 2022
Charles Lutwidge
What is the Contribution Margin Income Statement?
Various income statement formats can help a company differentiate its profit and loss over a given period. The margin income statement converts the traditional income statement format and replaces specific total lines with margins rather than a profit summary. For...
