General Accounting Tips

  • Do Not Treat Payments Received as Revenue! Consider These Stipulations

    Business activity is fluid transcending periods, whereas accounting is in compartmentalized periods such as quarterly or annual statements. This very often leads to situations when transaction takes place during one accounting period and the revenue for...
    By N Nayab May 28, 2011 

  • Notes Receivables: Calculating Interest Rates

    How does one determine the interest rate on notes receivable? Actually, this wouldn't be a problem if the borrower has the promissory note at hand since that document contains all the pertinent details. What this article features is a guide on...
    By ciel s cantoria May 28, 2011 

  • Preparing a General Ledger

    Financial accounting includes all sorts of terms like balance sheets, income statements, and general ledgers. How do you prepare a general ledger and how does it connect to other accounting elements?
    By Jean Scheid May 27, 2011 

  • Evaluating an Income Statement

    This guide can be used when evaluating an Income Statement to determine the wholeness and comprehensibility of the said financial report. There are certain characteristics as well as structural requirements that an Income Statement should possess. Continue...
    By ciel s cantoria May 27, 2011 

  • Calculating the COGS Formula

    While the basic Cost of Goods Sold (COGS) formula looks fairly straightforward, the real work is in determining the beginning and end inventory values. We’ll look at how this is done in different inventory costing methods.
    By ciel s cantoria May 26, 2011 

  • Why Your Accounting Cycle Must Be Followed

    What happens when the accounting cycle is not followed correctly? Beyond erroneous financial information, as a business owner, you may not know whom you owe, who owes you or how much profit you’re making on every sale.
    By Jean Scheid May 26, 2011 

  • Statement of Booked Earnings Explained in a Nutshell

    Never heard of a retained earnings report? This small statement is one of the four basic financial statements typically found in a company's annual report. Read further to view a sample and learn about it one line at a time.
    By Alice Rovney May 25, 2011 

  • Basic Principles of Fund Accounting

    The basic principles of fund accounting pertain mainly to recording and reporting standards, to show full disclosure if donations received were disbursed according to limitations, and purpose of the non-profit organization. Know the underlying principles...
    By ciel s cantoria May 25, 2011 

  • The Different Inventory Costing Methods

    Understanding the different inventory costing methods is important in assigning costs to the goods physically counted as ending inventory at the close of the accounting cycle. One should keep in mind that the inventory value at year end is crucial in...
    By ciel s cantoria May 24, 2011 

  • Incremental Analysis: Choosing Between Alternative Decisions

    Define Incremental Analysis! “Yes, Mr. Stephens. We can accept the offer of Howard Trading. There is an incremental profit of $7,000 because the incremental revenue of $15,000 is bigger than the incremental cost of $8,000,”...
    By madel57 May 24, 2011 
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