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March 30, 2021

Charles Lutwidge
What Does Goodwill Mean in Accounting?

What Does Goodwill Mean in Accounting?

What Is Goodwill? Business acquisition When you are buying a business, you have a purchase price of $80,000. When you look at the company’s reports, you see that its tangible assets (plant, machinery, land, buildings, equipment, stock, and so on) on..

Articles

March 30, 2021

Charles Lutwidge
Introduction to Pro Forma Financial Statements

Introduction to Pro Forma Financial Statements

Balance sheet, Income statement, and other financial reports is something that most individuals that deal with the business world are familiar with to some extent. As you might know, financial statements are usually prepared based on the accounting records for the..

Articles

March 30, 2021

Charles Lutwidge
Meaning and Example of Credit Memo

Meaning and Example of Credit Memo

When dealing with merchandise inventory, you might hear the term credit memo. What is the definition of a credit memo? What are these memos for? Let’s get to the bottom of it. Definition and meaning The definition of the term credit..

Articles

March 30, 2021

Charles Lutwidge
Activity-Based Costing

Activity-Based Costing

Definition and Explanation The definition of activity-based costing is a management accounting approach to the costing and monitoring of activities which involves identifying the activities the bring about specific costs. It is a costing system that focuses on activities performed to..

Articles

March 30, 2021

Charles Lutwidge
Standard Costing Meaning and How It Works

Standard Costing Meaning and How It Works

Definition What is the definition of standard costing? This is an accounting system based on the determination in advance of what the good should cost to produce and revenue per unit. In other words, the standard cost is a cost that..

Articles

March 30, 2021

Charles Lutwidge
Plant Assets: Explanation and Examples

Plant Assets: Explanation and Examples

The effective functioning of a company is possible with the availability of certain economic resources used for the production of products or the provision of services. In the financial world, everything that a firm has and uses in production is called..

Articles

March 30, 2021

Charles Lutwidge
How to Calculate Sales Tax: Step-by-Step Guide

How to Calculate Sales Tax: Step-by-Step Guide

Are you a small business owner that wants to better understand how to calculate sales tax? Maybe you are a consumer who wants to know how to calculate sales tax and know how much the product will end up actually costing..

Articles

March 30, 2021

Charles Lutwidge
Explanation of Cash Flow and Its Importance

Explanation of Cash Flow and Its Importance

Undoubtedly, the main indicator of the effectiveness of any business is its income and profitability. However, there is one more accounting indicator that can be used to judge the company’s success – this is cash flow. Looking at it, you can..

Articles

March 30, 2021

Charles Lutwidge
Outstanding Checks: Definition and How to deal with them

Outstanding Checks: Definition and How to deal with them

Definition The definition of outstanding checks is checks written by us and sent to the payee. If the payee has not deposited the check, it will not be reflected in our bank account and stay outstanding. It is considered to be..

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