Bookkeeping 101

While a creditor with a lien is entitled to the value of the debt or collateral, whichever is less, an unsecured creditor does not have the same right. In general, unsecured debts, such as medical debt or most credit card debt, are given the lowest p…

In case of a person who can be released from jail, a bond order has to be granted by the judge. A secured bond means that you actually pay money or bail property to secure your release….

Tertiary activities typically require qualification and personal effort. The value that is given in the tertiary sector cannot be stored….

Additionally, most special agents are authorized to carry firearms both on and off duty due to their status as law enforcement officers. In US federal law enforcement, the title of “special agent” is used almost exclusively for federal and military c…

You would like to say, “Well, something is not so great about this company.” If that actually happens over a long period of time. You know there are always periods of time when companies lose money when their operations are not producing any income. …

A correlation of -0.97 is a strong negative correlation while a correlation of 0.10 would be a weak positive correlation. A low Pearson correlation coefficient does not mean that no relationship exists between the variables. To check for nonlinear re…

A debit increases accounts receivable, which is an asset account. Unlike an asset account, sales revenue is increased by a credit. For example, assume your small business sold $100 in products to a customer who will pay the invoice at a later date. D…

Accountants must make specific journal entries to record purchase discounts. When a buyer pays the bill within the discount period, accountants debit cash and credit accounts receivable. Another part of the entry debits purchase discounts and credits…

The work they provide isn’t directly related to producing a product. Many employees receive fringe benefits—employers pay for payroll taxes, pension costs, and paid vacations. These fringe benefit costs can significantly increase the direct labor hou…

To account for a return, reverse the revenue and cost of the good recorded in the original sale. You reverse the accounts by using debits and credits. No matter how great your products are, not every customer is going to be satisfied….