by admin | Jun 26, 2023 | Bookkeeping
Efforts to reconcile the differences between International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) have been ongoing for several decades. The primary aim has been to create a unified global accounting framework that...
by admin | May 3, 2023 | Bookkeeping
It is acceptable to make a low profit (even a negative profit) in the short term if proposed changes will lead to increased profits in subsequent years and result in an overall increase in the profitability of the business. Revenue is the total amount of income...
by admin | Apr 3, 2023 | Bookkeeping
You don’t have to go through your bank or credit union to order checks. There are third-party businesses that sell checks online. Check costs may vary depending on the supplier and the style of check ordered. If you don’t have a checking account at a bank or...
by admin | Mar 22, 2023 | Bookkeeping
Each year deprecation of plant assets is reported as an expense on the income statement. However, inventory is a current asset, and due to its short-term nature, it is not subjected to depreciation. Companies expected to consume or sell their inventory within a year,...
by admin | Mar 13, 2023 | Bookkeeping
Wishup offers a 7-day trial option to try their virtual assistant services. If you are not convinced at the end of the trial, we guarantee you’ll get your money back. Track the cost of acquiring or producing your inventory and allocate it correctly to the products...
by admin | Feb 28, 2023 | Bookkeeping
If a note had been taken in exchange for a portion of or all of the purchase price of the equipment, only the cash actually paid would be reported as a payment on the statement of cash flows. The portion of the purchase price represented by the note would be...
