Bookkeeping

The difference that you find is the trial balance can be transferred to a suspense account secondly, if you have received a partial payment from a client. You can transfer the amount to a suspense account until you figure out which invoice has been cleared. You can quickly suspense account […]

In short, accounting is the process of interpreting, classifying, analysing, reporting and summarising financial data collected during the bookkeeping stage. While the terms bookkeeping and accounting are often used interchangeably, bookkeeping is, in essence, the foundation on which accounting is built. Bookkeeping refers specifically to the tasks and practices involved in recording […]

(i) All agencies and instrumentalities of a State (as defined in section 218(b) of the Social Security Act) or of the District of Columbia shall be treated as a single employer. Except as provided in subparagraphs (B) and (C), subsection (b) shall be applied without regard to paragraph (7) thereof. […]

In a career of an accounting manager, you need to monitor the budgets, investments, and revenues generated from investments. As an accounting manager, you must build up an agency-client relationship, understand the needs of the clients, and make sure the company delivers them successfully. Some of the responsibilities include nurturing […]

Explicit and implicit costs are included in the economic profit. In the realm of business economics, understanding the various types of costs is essential for making informed decisions. Among the most critical distinctions is that between explicit and implicit costs. A company can have a positive accounting profit while maintaining […]

Let’s take one example of the construction sector, where construction labour is paid daily for construction work. The number of days the labour will work, the more will be the cost of labour. Do you find it confusing on how to classify costs among direct cost, variable cost, fixed cost […]

To delete or deposit a transaction, you need to complete the following steps. We also introduced an alternative method, voiding deposits, which allows you to maintain a record of the transaction while signifying that it is no longer valid. This method can be helpful in situations understanding real vs. nominal […]

A certified public accountant (CPA) acts as an advisor to small businesses and chief financial officers to Fortune 500 companies. They aid businesses and individuals to plan and achieve their financial goals. There are several requirements to become a CPA, including having a degree in accounting, passing the CPA examination, […]

Quick assets (cash and cash equivalents, marketable securities, and short-term receivables) are current assets that can be converted very easily into cash. The quick ratio only considers a company’s liquid assets, such as cash, marketable securities, and accounts receivable. It excludes other assets, such as inventory and prepaid expenses, which […]