Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created MyAccountingCourse.com to help people learn accounting & finance, pass the CPA exam, and start their career. This account is used to record both increases and decreases to profits […]
Since $1.33/L is less than $1.50/L, we know that the 3 L bottle of juice is a better deal because it has a lower unit price, even though it has a higher price per bottle. ❗ For the last two modes, you must provide both the number of items and the weight or volume. The […]
It’s primarily used for long-term forecasting, financial planning, and external reporting. Companies use cash flow projections to support a variety of financial goals. Some of the most common ones include management of operational funds, debt repayment, and long-term growth planning. You must ensure inflows regularly exceed outflows to keep your business financially healthy—paying the bills […]
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They generate revenue by collecting transactional fees along the way. Other companies provide an intermediary service usually for a fee. LO 4.3Prepare journal entries to record the following business transaction and related adjusting entry. LO 4.2Name two types of adjusting journal entries that are commonly made before preparing financial statements? The accrual accounting method becomes […]
It may present either a gain or loss in each financial period in which the project is still active. The electricity company needs to wait until the end of the month to receive its revenues, despite the in-month expenses it has incurred. Meanwhile, the electricity company must acknowledge that it expects future income. Accrual accounting […]
This considers the list of components defined in BOM of finished products and allows you to generate the cost estimation. By following these steps, you can ensure that the product is made repeatably every time. This allows companies to customize and tie their BOM into planning, finance, maintenance, and more. Because they also include time […]
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The salvage value is the carrying value that remains on the balance sheet after which all depreciation is accounted for until the asset is disposed of or sold. Instead of recording an asset’s entire expense when it’s first bought, depreciation distributes the expense over multiple years. Depreciation quantifies the declining value of a business asset, […]
For example, vehicles are assets that depreciate much faster in the first few years; therefore, an accelerated depreciation method is often chosen. Depreciation is the process of spreading or allocating the cost of an asset over its useful life. Over time, the asset value will decrease due business succession planning to usage, wear and tear, […]