In accounting, assets represent the financial backbone of any organization. From cash in the bank to machinery and even intangible items like patents, assets encompass everything a business owns that adds to its worth. Understanding these assets, categorizing them correctly, and learning to calculate...
There are two accounts that are increased with debits. What are those accounts? Which of the following types of mortgages typically carries two different types of mortgage insurance? A. VA B. Conventional C. Subprime D. FHA What are the major sour...
The five major account types provide the structure for your chart of accounts, breaking it down into separate types of information. Several important financial reports are built around the same five account types. Below are 5 major accounts in accounting to create your chart of accounts: Assets A...
They are one of five major types of accounts used in double-entry accounting, which include: Asset accounts. Resources owned by the business that provide future economic benefits, like inventory or accounts receivable. Liability accounts. Obligations the business owes to outsiders which represent claim...
What are the major fund types? What is a capital investment? How does it differ from an investment in stocks or bonds? What are the types of equity accounts? What is the best capital investment technique? Why? What are some methods that investors can use to determine ...
As previously stated, health insurance follows a cost-sharing set-up through the use of some of the major features in a health insurance plan such as the coinsurance. Let’s take a look at these other features to better understand how coinsurance works. ...
There are four major types of cost accounting: standard cost accounting, activity-based cost accounting, marginal cost accounting, and lean accounting. Standard Cost Accounting Standard costing is acost accounting system. Manufacturers use it to identify and analyze the differences between the actual co...
Without smooth cash flow and accurate financial records, everything falls apart faster than you can say “accounts payable.” By understanding the most common types of invoices, you can turn that chaotic pile of bills and financial documents into a well-organized system. Here is how to do ...
Political accountability can relate to political contributions and how candidates use resources. For example, the nonpartisan Center for Political Accountability and the Wharton School at the University of Pennsylvania publish a joint annual index rating major public corporations' disclosure and oversight pol...
The cash flow statement reconciles the income statement with the balance sheet in three major business activities. Example of a Cash Flow Statement Below is a portion of ExxonMobil Corporation's cash flow statement for fiscal year 2023, reported as of Dec. 31, 2023. We can see the three ar...