Accounting

Of the above accounting methods, manufacturing overhead is more accurate. However, if the amount of indirect material is small, then it is quite acceptable to charge it as an incurred expense. These indirect materials can be tracked and determined through an informal inventory record keeping system.

Raw materials are used in a multitude of products and can take many different forms.
During the production process, we consume indirect materials.
The type and quantity of both the materials needed […]

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in […]

For GAAP reporting purposes, you will likely report revenue pro-rata each day between the start and end date of the subscription, rather than as a monthly fixed revenue. These procedures and principles are issued by the Financial Accounting Standards Board . For companies, the pressure to hire good accountants is intense, as the costs for falsifying records or having inadequate accounting services are high. Although GAAP is only mandatory for publicly traded and regulated companies, it is stron […]

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Excess cash for a short term period can be used to purchase trading securities. As Trading security is purchased with cash, so the cash account will be reduced, and the Investment in trading securities accounts will increase. As a cash account carries a debit balance, so crediting it will reduce the account’s balance. Similarly, investment in trading securities carries a debit balance, so debiting it further increases the account balance. From a liquidity standpoint, investments are marke […]

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