Category: Bookkeeping

That’s because it shows the amount of flexibility you have in your funding to pay for additional operating expenses necessary for growth. The numbers for your nonprofit statement of financial position are derived entirely from your organization’s chart of accounts, which lists all of your accounts and ledgers in order to keep your finances in… Continue reading Illustrative examples Statement of financial position, statement of comprehensive income, and statement of changes in equity

Content Understanding Cost-Volume-Profit (CVP) Analysis From the course: Accounting Foundations: Managerial Accounting What Does Cost Volume Profit (CVP) Chart Mean? Cost-Volume-Profit Analysis What Are the Assumptions Made While Performing the Analysis? Cost-Volume-Profit – CVP Analysis Definition We won’t know until the end whether the selling price we choose will suffice. (d) Guide in fixation of… Continue reading What Is CVP Analysis?

Content Learn More About Senior Accountant Jobs Changes in Spending What Is the Role of Budgets & Performance Reports? What Is the Difference Between a Budget & a Rolling Budget? Download a free copy of “Preparing Your AP Department For The Future”, to learn: This means the funds are reserved and cannot be used for… Continue reading Control your Budgets using Encumbrance Accounting in Oracle

Content Investment Treasury Stock Overhead Application Rate What Are Major Accounting Software Platforms? How Do I Create a General Ledger? Gross Sales It is also an important figure in the basis of many other individual planning issues as well as a key line item on the IRS form 1040 and required state forms. The relationship… Continue reading What Is A Balance Sheet?

Content What Is A Contra Asset Account? Definition of Contra Account Is a Contra Balance Negative or Positive? What Are The Advantages And Disadvantages Of Contra Revenue? Contra Revenue Defined The Jackson’s go back to the store with the $3,400 queen bed to exchange for a full size at a price of $1,900. Osman Ahmed… Continue reading Contra Accounts Examples & How They Work

The most common example of a contingent liability is a product warranty. Other examples include guarantees on debts, liquidated damages, outstanding lawsuits, and government probes. A contingent liability should be recorded on the company’s books if the liability is probable and the amount can be reasonably estimated. If it does not meet both of these… Continue reading Reporting Requirements of Contingent Liabilities and GAAP Compliance

Content Educators for Maine Loan Program Application for Undergraduate & Graduate Students Q25.What should I do if the student’s return was incorrectly prepared and filed by a professional tax preparer? Educational Assistance Programs Tax credit vs. tax deduction Education Tax Credit: American Opportunity Tax Credit Tax Credits for College Students Education Tax Deduction for Student… Continue reading School Expense Deduction Louisiana Department of Revenue