Arquivos de Categoria: Bookkeeping

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First, GoDaddy Online Bookkeeping does not have the features to be considered accounting software — it’s glorified bookkeeping software. Second, the company has a history of numerous data breaches, so we do not recommend this software. QuickBooks Desktop is one of the biggest names in accounting for a reason. This tried-and-true accounting software offers customizable […]

QuickBooks Online Review 2023: Features, pricing, and more

For the Desktop version, you pay an annual fee starting at $549.99 per year, and the cloud-based option starts at $15 per month. Both versions have mobile apps, but the app for the Desktop version primarily functions as a way to upload receipts, and the Online mobile app is robust in comparison. Small businesses that […]

Cash basis vs accrual basis

Whereas, the accrual basis of accounting recognises expenses when they are billed (not paid) and revenues when they are earned. Accounts receivable is the sum of money owed to your company as a result of credit transactions in which revenue is earned before cash is received. It is an asset account, because it signifies an impending payment […]

General Ledger vs Trial Balance What’s the Difference?

The accountant would then increase the asset column by $1,000 and subtract $1,000 from accounts receivable. The equation remains in balance, as the equivalent increase and decrease affect one side—the asset side—of the accounting equation. The income statement will also account for other expenses, such as selling, general and administrative expenses, depreciation, interest, and income […]

Insurance Expense Overview, Types, Insurance Payable

For instance, they are under recurrent costs, but some may put them under the fixed class. It is mainly because you keep paying for the expenses over and over again. The second largest asset category for property/casualty companies, preferred and common stocks, is valued at market price. Life insurance companies generally hold a small percentage […]

The Three Major Financial Statements: How They’re Interconnected

Last, a balance sheet is subject to several areas of professional judgement that may materially impact the report. For example, accounts receivable must be continually assessed for impairment and adjusted to reflect potential uncollectible accounts. Without knowing which receivables a company is likely to actually receive, a company must make estimates and reflect their best […]

How to calculate retained earnings: Formula & example

In fact, what the company gives to its shareholders is an increased number of shares. Accordingly, each shareholder has additional shares after the stock dividends are declared, but his stake remains the same. Likewise, the traders also are keen on receiving dividend payments as they look for short-term gains. The government will also invest £5 […]

Standard Costing: Definition, Advantages, Disadvantages

Essentially, standard costing is a technique of cost calculation and control. Standard costs are prepared and used to clarify the final results of a business. Since the company’s external financial statements must reflect the historical cost principle, the standard costs in the inventories and the cost of goods sold will need to be adjusted for […]

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