An Overview of Standard Costing Techniques Part 1 of 2
Standard cost is the planned cost for a unit of product or service, and standard costing is the application of such standard cost for cost control. …
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What Should A Non Cash Donation Receipt Look Like? Example & Guidelines to Non-Cash Donation Receipts
Are you a not-for-profit professional, responsible for acknowledging non cash donations? This article will provide a quick overview of the IRS …
Continue ReadingA Guide to What Is the Full Cycle for Accounts Payable?
Ever wonder what is the full cycle for accounts payable (AP)? AP is an accounting practice widely used by mid-sized to large corporations to better …
Continue ReadingThe Significance of Double-Declining Depreciation as a Cost Recovery Tool
Double-declining depreciation is acknowledged as a method of cost allocation that’s more acceptable than declining balance. Explanation and …
Continue ReadingExample of Declining-Balance Depreciation Computation vs. Straight-Line Method
Declining balance depreciation is a method of depreciating a fixed asset, which creates a different effect on the resulting income compared to that of …
Continue ReadingWhat's the Difference Between the Income Statement vs. Balance Sheet?
Most businesses have both a balance sheet and an income statement–but what’s the difference between the two? Jean Scheid, a business owner, …
Continue ReadingPayroll Preparation: Determining Taxable Payroll Deductions
Determining which payroll deductions are taxable is an important aspect of payroll preparation. Salary reductions that are not properly distinguished …
Continue ReadingWhat Are Accounting Audit Irregularities: Fraudulent Financial Reporting Practices
The context of accounting irregularities is broad, which includes unintentional errors that result in immaterial effects. This article provides …
Continue ReadingWhat Are the Different Types of Source Documents Used in Accounting?
What follows here is an outline of the different types of source documents as well as a description of the more popular ones that are used in business …
Continue ReadingExplaining How to Calculate the Quick Ratio to Monitor Liquidity
Businesses must ensure that they have enough cash available at short notice to meet their debts as they fall due. The quick ratio or liquidity ratio …
Continue ReadingDownloadable, Free Payroll Deductions Worksheet Using the Wage Bracket Table
Small business entrepreneurs using a non-accountable payroll format and the Wage Bracket Tables for their employees’ withholding taxes will find …
Continue ReadingHow to Make a Journal Entry for Anticipated Income
Most businesses have anticipated (or expected) income, but what is the process for making a journal entry for anticipated income? Even expected income …
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