Is rent expense a period cost or a product cost? What is the difference between book depreciation and tax depreciation? What is the difference between FIFO and LIFO? Related In-Depth Explanations Accounting Basics Accounting Equation Accounting Principles Adjusting Entries Balance Sheet Book...
What is the difference between cost and price? Author: Harold Averkamp, CPA, MBA Definition of Cost and Price In accounting, the term cost can mean the cash or cash equivalent amount a company paid to acquire an asset or the amount of an expense it incurred. A manufacturer’s product cos...
Thedifferencebetweencostandequity(成本法和权益法的区 别) First,thedifferencebetweenequityandcostmethodslies mainlyinthedifferentscopeofapplicationandthedifferent methodsofaccounting. Two,thelong-termequityinvestmentaccountingcostmethod (1)thescopeofapplicationofthecostlaw; ...
Auditing and accounting are two closely related concepts which stem from the same subject background of financial reporting, where one function cannot perform effectively without the other in place. The difference between the two is necessary to understand because the combination of these functions is ...
Learn the differences between these cost categories to get a better understanding of how much cash on hand you need and to better manage your cash flow. What are operating expenses? Operating expensesare expenses that your company incurs in the course of doing business. Without these costs, your...
Economic profit is: a) the same as accounting profit. b) the difference between the firm's total revenue and its explicit costs. c) the difference between the firm's marginal revenue and marginal cost. d) None of these. The main difference bet...
What is the difference between the trial balance and the balance sheet? Explain the difference between a fair value hedge and a cash flow hedge. What is the difference between costing and cost accounting? What is the formula for calculating the contribution margin?
each element must be presented and disclosed in the financial statements. It is an important task as wrong presentation can seriously hamper understandability or even altogether misstatement. For example repair expenditures of sales staff will be presented as part of selling cost in the income ...
What’s the Relationship Between Accounts Payable and Accounts Receivable? Accounts payable and accounts receivable are two sides of the same coin in that they reflect the flow of money into and out of a business. How much do you owe, and how much is owed to you? This information helps st...
Are financial accounting reports mandatory? Yes, for publicly traded companies, to ensure transparency, consistency, and comparability, adhering to specific regulatory standards like GAAP or IFRS. 7 Can accounting principles vary between companies? While the fundamental principles are consistent, especially...