by admin | Dec 12, 2025 | Bookkeeping
Yes, WIP inventory is considered an asset and is subject to taxation. To calculate beginning WIP inventory, use the previous period’s ending WIP inventory as the new period’s starting value. A balance sheet records inventory in a structured format under current...
by admin | Dec 10, 2025 | Bookkeeping
Cash discounts for prompt payment are not usually available on freight charges. The Purchase Discounts account (used only with the gross method) identifies the amount of discounts taken, but does not indicate discounts missed, if any. If payment is made outside the...
by admin | Sep 16, 2025 | Bookkeeping
The Full Disclosure Principle is a fundamental accounting concept that requires companies to provide all necessary information in their financial statements. It also helps ensure fairness and transparency in financial markets by reducing information asymmetry between...
by admin | Jul 8, 2025 | Bookkeeping
Keeping an eye on hours logged vs. what was budgeted for each role is crucial. Choose the formula based on whether you’re tracking budget consumption or performance efficiency. Your actual rate is 35%, while your planned rate was 25%, indicating you’re spending...
by admin | Jun 4, 2025 | Bookkeeping
They have years of experience under their belts and it shows in the quality of their work. You can trust them to handle your finances with utmost care and accuracy. They use advanced technology and software to streamline processes, making work more efficient for...
by admin | Feb 25, 2025 | Bookkeeping
Small manufacturers often rely on spreadsheets and accounting software to track costs in their early stages. This method provides precise cost data but can be complex and time-consuming due to the need for meticulous record-keeping. While in non-accounting...
