Bookkeeping 101

To control the petty cash fund properly and record it correctly for tax purposes, the fund should be stored in a secure location and reconciled frequently. Petty cash is a highly liquid asset, which means that it’s easily stolen….

PERT charts depend on the ability to predict precise time frames for multitudes of tasks. Complicated projects involving many activities and suppliers can make this prediction difficult, as explained by U.S. Unexpected events occur, and sometimes the…

A more accurate understanding of customer preferences can guide which items a business stocks and when they place them on the sales floor. If a company has several locations, a perpetual inventory system centralizes this management. It amalgamates al…

As expected, the extent to which resources generated by sales can be used to pay operating expenses and provide net income is dependent on both revenue and the cost of goods sold. Amid the ongoing LIFO vs. FIFO debate in accounting, deciding which me…

For this reason, it is strongly recommended to report restricted dollars separately, and to pay particular attention to the unrestricted amounts when planning and making operational decisions. In addition, directors and managers need adequate trainin…

Generally, the accounts payable GL is for money owed that hasn’t been paid yet, whereas expenses are costs which have already been incurred. Accounts payable is also a permanent account that appears on the balance sheet, whereas expenses is a tempora…

The bad news is the periodic method does do things just a little differently. Business types using the periodic inventory system include companies that sell relatively few inventory units each month such as art galleries and car dealerships….

The largest family of elements consists of transition metals. The center of the periodic table contains the transition metals, plus the two rows below the body of the table (lanthanides and actinides) are special transition metals….

That means Maria is entitled to receive a specific amount of benefits each month until she dies based on her pay rate and years of service. It’s up to ConSoft to make sure there are enough funds set aside to pay all of the pensioners what they have b…

Pension expense is the amount that a business charges to expense in relation to its liabilities for pensions payable to employees. The amount of this expense varies, depending upon whether the underlying pension is a defined benefit plan or a defined…