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If you’re owed money from an organization, perhaps from a class-action lawsuit, your payout might come from a much larger disbursement of funds from that organization. All debit entries are recorded in the other accounts or accounts payable columns. According to the fundamental principle of double-entry accounting, the debit and credit will balance out for…
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Note that this example has only one debit account and one credit account, which is considered a simple entry. A compound entry is when there is more than one account listed under the debit and/or credit column of a journal entry (as seen in the following). Securities and Exchange Commission (SEC) that a public company must meet to…
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It is usually reported as a single line item, but a more detailed balance sheet might list several accumulated depreciation accounts, one for each fixed asset type. Small businesses have fixed assets that can be depreciated such as equipment, tools, and vehicles. For each of these assets, accumulated depreciation is the total depreciation for that…
This industry produces fabrics in large quantities with a consistent manufacturing process, making process costing an appropriate technique. The chemical industry uses process costing to calculate the cost of producing chemicals. This industry produces chemicals in large quantities with a consistent manufacturing process, making process costing a suitable technique. They determine the cost flow of…
In this case, the company’s balance sheet may show corresponding charges recorded as expenses. Prepaid insurance is a current asset because its benefits are usually realized within one year of payment. It is also an intangible asset because it does not have physical properties, like real estate or commercial equipment. A company pays $1,000 in…
The debits and credits are entries in double-entry bookkeeping made in account ledgers to record changes in value resulting from business transactions. A credit entry is designed to always add a negative number to the journal while a debit entry is made to add a positive number. Though in the actual journal entries, you won’t…
This includes appropriate security policies, encryption, physical data protection measures, and risk assessments. Keeping up with compliance laws in one region requires a lot of time and expertise. By outsourcing these payroll responsibilities to a service provider with localized specialists, your team will gain peace of mind and reassurance that you comply with international payroll…
Here’s a look at how these two QuickBooks accounting software options stack up. Despite the platform’s ubiquity, however, many business owners remain uncertain about the differences between QuickBooks Desktop and QuickBooks Online. Here, we’ll detail everything you should know about the two versions, including their core functions, pricing tiers, hosting location, extra features and latest…
