Bookkeeping

Management accountants work for public companies, private businesses, and government agencies. These professionals may also be called cost accountants, managerial accountants, industrial accountants, private accountants, or corporate accountants. Preparing data for use within a company is one of the features that distinguishes a management accountant from other types of accounting jobs such as public accounting. …

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The second is the chartered global management accountant designation, offered by the American Institute of CPAs in conjunction with the London-based Chartered Institute of Management Accountants. At its inception, the CGMA program offered the credential based on experience alone. He acquired the educational background to become a management accountant when he completed coursework in economics, …

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With the single-entry method, the income statement is usually only updated once a year. As a result, you can see net income for a moment in time, but you only receive an annual, static financial picture for your business. With the double-entry method, the books are updated every time a transaction is entered, so the …

What is a Credit? Accounting Terms Read More »

You need to subtract both checks from your bank balance, as well as any other checks listed in your check register that haven’t cleared. The easiest way to check for this is to print a check register for the month and compare it to the checks that have cleared the bank. Any checks that have …

Bank Reconciliation Statement BRS Format and Steps to Prepare Read More »

Usually, companies calculate a wage expense in one of two different ways. The expense may be calculated at the time the expense incurs, such as when the work is done. It may also be calculated based on when the payment is made to the employee. In this case, as per accrual accounting, the farmer must …

The Differences in Wages Payable & Wages Expense Read More »

Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. The agency is also directed to craft a strategy to determine whether such technology is sufficiently high-quality in a number of areas, …

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Assume, for example, that a bike manufacturer offers a three-year warranty on bicycle seats, which cost $50 each. If the firm manufactures 1,000 bicycle seats in a year and offers a warranty per seat, the firm needs to estimate the number of seats that may be returned under warranty each year. Unlike contingent liabilities, provisions …

23 4 Contingencies Read More »

A third option is to impose late payment fees on those customers that are persistently late in making payments, though doing so may drive them away. If the following accounting period results in net sales of $80,000, an additional $2,400 is reported in the allowance for doubtful accounts, and $2,400 is recorded in the second …

Is the provision for doubtful debts an operating expense? Read More »

Now assume that the employee is married and filing jointly, but the spouse doesn’t earn any wages. You must start deducting the Medicare surtax when the employee’s earnings reach $200,000, but the couple falls beneath the $250,000 threshold for married, joint filers. That means when they file their tax return, they will receive a refund …

The Complete Guide to FICA and Medicare Taxes: Everything to Know Read More »

The cost of raw materials can also affect the choice of a process costing method. If the cost of raw materials frequently fluctuates, a method that considers the actual cost of materials, such as the actual cost method, may be Law Firm Bookkeeping and Accounting: A Completed Guide 2022 more appropriate. However, if the cost …

Process Costing System: Examples, Methods, and Steps Read More »