Fixed cost refers tothose costs incurred by the company during the accounting periodunder consideration that has to be paid no matter whether there is any production activity or the sale activity in the business or not and the examples of which includes rent payable, salaries payable, interest ex...
The kind of account of wages payable in accounting is a liability. This represents the obligation of the company to pay wages to its employees that...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your tough...
Adding together a row of numbers and financial transactions in accounting is called as "footing" or "cross footing". This is...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your tough homework and stud...
Definition of Payroll Accounting Payroll accounting involves a company’s recording of its employees’ compensation including: gross wages, salaries, bonuses, commissions, and so on that have been earned by its employees withholding of payroll taxes such as federal income taxes, Social Security taxes,...
There is a core need for financial statement analysis. It requires ongoing analysis and adjustments to maintain the company’s financial success. It involves having access to accurate and reliable financial information and an in-depth knowledge of accounting principles and financial analysis techniques....
Ordinary income is earned and unearned income that is subject to standard tax rates, such as wages, salaries, tips, bonuses, rents, and short-term capital gains.
Having a clear understanding of the normal balance of different accounts is essential for maintaining accuracy and consistency in accounting practices. It allows for proper classification of transactions and ensures that financial statements reflect the true financial standing of the entity. ...
Equity in accounting is the remaining value of an owner’s interest in a company after subtracting all liabilities from total assets. Said another way, it’s the amount the owner or shareholders would get back if the business paid off all its debt and liquidated all its assets. ...
Wages payable refers to the wages that a company’s employees have earned, but have not yet been paid. Under the accrual method of accounting, this amount is likely recorded with an adjusting entry at the end of the accounting period so that the company’s balance sheet will include the am...
staff salaries The enterprise shall provide services for the accounting period in which the employees, will the employee benefits payable is recognised as a liability, in addition to giving due to the cancellation of the labor relationship with the employee compensation, should according to th...