What are the two main types of accounting standards? Accounting standards vary from country to country. However, most have adopted generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS). GAAP GAAP is a set of accounting principles issued by the Financial...
What are the two key reasons for the monthly accrual adjusting entries? How do we record the entries using cash basis accounting method? What is the financial statement impact of writing off a bad debt when using the allowance method?
What are the advantages of computerized accounting systems? Explain two advantages and two disadvantages in using both the cash and the accrual basis of accounting. What is the difference between a journal entry and an adjusting journal entry?
There are two kinds of people in this society: those whostubbornly follow their hearts and never ...
Employee payroll taxes and other payroll deductions are usually the most complicated part of the payroll process. Luckily, modern accounting software can streamline the process greatly by automatically deducting the correct amounts based on an employee's W-4. If you aren’t using accounting software...
Merchant accounts are a must for any business that wants to accept credit card payments. Here’s what a merchant account is, how they work, and how to get one.
There are many different types of accounting jobs. Often, accounting professionals specialize in a specific area to develop expertise. These include: 1. Public accountants Public accountants offer their services to the general public. They often work at accounting firms, for individuals and businesses...
In the case of a Pre-Order, the product is yet to be manufactured. In the case of a Backorder, the product is already in the market, but temporarily out of stock. Indent Order Indent orders are orders where a customer places an order with a company and the company purchases the produc...
This is a business process used to manage the flow of stock in a company. It is a management system used to coordinate the movement of stock from manufacturers to warehouses and consumers. It also involves supervising the storage, maintenance, and handling of goods while in those wa...
In accounting, in order to better reflect the financial situation of enterprises and accurately evaluate the liquidity of assets, assets are usually classified into two categories: current assets and non current assets. Current assets are assets that can be converted or consumed within a year (one...