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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..

Articles

March 30, 2021

Charles Lutwidge
Matching Principle: Definition and Importance

Matching Principle: Definition and Importance

Definition The matching principle is an international accounting principle, which means that all the revenues should be attributed to the period of sale, delivery of goods and provision of services and that only those expenses are recorded in the reporting period..

Articles

March 09, 2021

Charles Lutwidge
What is a Chart of Accounts?

What is a Chart of Accounts?

The chart of accounts is one of those bookkeeping basics that you should know before you can start learning more advanced material. Without knowing this concept, it will be practically impossible to maintain proper bookkeeping records, especially for a larger company...

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