Bookkeeping

Depreciation is the method of allocating costs to the appropriate period. Although accountants have to follow generally accepted accounting principles (GAAP) for financial statement reporting purposes, they have different allowable methods to consider. The mathematics of DDB will never fully depreciate such assets (since one is only depreciating a percentage of the remaining balance, the […]

Depreciation is the method of allocating costs to the appropriate period. Although accountants have to follow generally accepted accounting principles (GAAP) for financial statement reporting purposes, they have different allowable methods to consider. The mathematics of DDB will never fully depreciate such assets (since one is only depreciating a percentage of the remaining balance, the

A voucher is a backup document needed to initiate the procedure of collecting and filing all other documents required to settle a liability. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Once the vouchers are examined, they must be imprinted with a stamp or

When revenue is shown on the income statement, it is reported for a specific period often shorter than one year. A company can pull together internal reports that extend this reporting period, but revenue is often looked at on a monthly, quarterly, or annual basis. For example, companies often prepare comparative income statements to analyze

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Content Have a plan for cash surpluses and deficiencies Cash Inflows and Outflows Characteristics of a Flexible Budget Important Utility of Cash Budget Key terms Cash Receipts Preparing a proper cash budget allows a business to monitor the inflows and outflows of cash and ,thus, predict whether it will have sufficient funds to operate during

Content What is bookkeeping? Why bookkeeping and accounting matter for law firms Differentiating income from revenue Chart of accounts Get clear on your tax obligations Ensure your reconciliation reports are safely stored and backed up. If you’re not sure what an IOLTA is, you can find more information on the WSBA IOLTA & Trust Accounts

In general, a higher contribution margin is better as this means more money is available to pay for fixed expenses. Although the company has less residual profit per unit after all variable costs are incurred, these types of companies may have little to no fixed costs and maybe keep all profit at this point. Gross

By staying informed and knowing your options, you can minimize the impact of unsold inventory on your business. For retailers looking to quickly move a high volume of items, bundling old stock with more everyday items is a great option. You can attract customers and clear out your warehouse quickly by pricing the bundle at