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October 09, 2020

Charles Lutwidge
Federal Insurance Contributions Act (FICA)

Federal Insurance Contributions Act (FICA)

What is FICA? The Federal Insurance Contributions Act (FICA) is a U.S. tax law that pays for Social Security and medical assistance programs. The Social Security Service pays pensions and survivors’ benefits, as well as benefits for the disabled. Medicare pays..

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October 09, 2020

Charles Lutwidge
Minimum Wage and Overtime Pay

Minimum Wage and Overtime Pay

The United States of America is a large, diverse country, with many regions differing significantly in socio-economic and cultural terms. In general, the local population has a good standard of living, and a stable wage for the average American is considered..

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September 29, 2020

Charles Lutwidge
Income Summary Account

Income Summary Account

Accounting requires all accounts to be balanced in such a way that there is no unrecorded amount of money left over when accessing the books. This requires following the rules for debits and credits, depending through which account the money is..

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September 28, 2020

Charles Lutwidge
Statement of Stockholders Equity

Statement of Stockholders Equity

Definition Equity is the residual interest in the assets of a business after deducting all of its liabilities. It represents the claims of the owners on the assets of the company. Equity capital includes funds directly invested in the company by..

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September 27, 2020

Charles Lutwidge
Cash Flow from Operating Activities

Cash Flow from Operating Activities

Company executives are interested in financial security and business stability, which is largely determined by the generated cash flow. In the course of its activities, an enterprise or company generates various cash flows. They can have a different focus – the..

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September 26, 2020

Charles Lutwidge
Balance Sheet Template and Structure

Balance Sheet Template and Structure

Balance sheet – What is it? Everything in business, as in life, must be balanced. However, in business, this means something else. Even if you are not an accountant, you probably have heard about a Balance sheet as a thing that..

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September 25, 2020

Charles Lutwidge
Cash Short and Over Account

Cash Short and Over Account

Overview Cash includes coin, paper money, checks, and money orders. Money on deposit with a bank and other financial institutions that are available for withdrawal is also considered cash. Cash is the asset most likely to be stolen or used improperly..

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September 25, 2020

Charles Lutwidge
Dividends Account – Explanation and Example

Dividends Account – Explanation and Example

Definition Every once in awhile, a company may decide to distribute some of its earnings to its stockholders/shareholders. In financial accounting, they are referred to as dividends. They can happen frequently, such as every quarter, or a corporation may decide to..

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September 25, 2020

Charles Lutwidge
The Suspense Account – Everything You Need to Know

The Suspense Account – Everything You Need to Know

Definition Although bookkeeping is supposed to be accurate, it might happen that some errors are made. Obviously, it will be necessary to find out why and correct the mistake. If the error cannot be found, it is necessary to insert a..

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