May 22, 2022Charles Lutwidge
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 article,..
May 19, 2022Charles Lutwidge
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 purchase..
May 18, 2022Charles Lutwidge
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 material;..
May 13, 2022Charles Lutwidge
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. Most..
May 12, 2022Charles Lutwidge
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 employee..
May 11, 2022Charles Lutwidge
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, they..
May 06, 2022Charles Lutwidge
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 production..
May 05, 2022Charles Lutwidge
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 instance,..
May 04, 2022Charles Lutwidge
The corporation acts as an economic entity, the authorized capital divided into equal shares that give the right to access information and share in profits and are in free circulation. The rules of this appeal are established by law and the..