Kategorija: Bookkeeping

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Suppose that ABC has to complete an order of 250 shirts and assume that for each shirt, 1 unit of raw material is used up. ABC will have to liquidate a complete April inventory of 120 units, a March inventory of 90 units, and 40 units from the February inventory to complete the order. The

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The process of recording closing entries for service companies was illustrated in Chapter 3. If you have accounting software or a bookkeeper, you may not be making these entries yourself. But knowing how entries for sales transactions work helps you make sense of your general journal and understand how cash flows in and out of

They work closely with the business owners and managers, and communicate and collaborate with them through various channels, such as phone, email, chat, etc. Outsourcing accounting allows small businesses to utilize advanced accounting software and technologies without the need for significant capital investment. Providers of outsourced accounting services often use state-of-the-art tools and systems that

Unlike account types, detail types don’t impact the actual accounting portion of your books. Detail types are there to help convention of conservatism you choose the right account type, especially if you’re new to accounting. They also help you break down your account types into “categories” so it’s easier to see a breakdown of what

It is important to understand that if any cash is received, even if it relates only to a part of a larger transaction, then the entire transaction is entered into the cash receipts journal. Depending on a company’s requirements, different formats are used for a cash receipts journal. To help you understand the recording procedure,

Furthermore, anything from 100 to 119 is a current asset, while anything from 120 to 199 is a noncurrent asset. The same applies to 200 to 219 (current liabilities) and 220 to 299 (noncurrent liabilities). Profits are generated from the sale of assets outside the company’s regular business operations. Revenue accounts record the revenue generated