Bookkeeping 101

The cumulative average hours and cost as well as cumulative total hours and cost are provided below for doubled quantities 1 through 8. Arrow, one of the pioneers in putting forward this concept calls it “Learning by doing”. The slope of the learning…

This law has now been repealed but while in force it dramatically altered the industry. Some pubs still offer a regularly changing selection of guest beers. After the development of the large London Porter breweries in the 18th century, the trend gre…

Just like land, buildings are long-term investments that a company typically holds onto for several years. Liabilities include the debts or obligations payable to creditors and other outsiders to which your company owes money. These can be loans, unp…

Taxpayers should also ensure that, when the 15-year life is applied to QLHI, the straight-line method is used rather than the 150DB/STL method used for land improvements. A quick fixed asset review could have a significant impact on a taxpayer’s curr…

Because the company uses 30,000 pounds of paper rather than the 28,000-pound standard, it loses an additional $20,700. Direct labor refers to those who produce goods, such as workers on an assembly line. Usually when dealing with direct labor, the ac…

The employee records an in-transit increase in one bank account in Year 1, but records the decrease in the other account in Year 2. This fraud is most convenient and prevalent at period end, especially when there are often several legitimate items of…

According to the first page of Google results about ‘texting K’, society views receiving this message as akin to a one-letter insult. It’s seen as something that we send when we’re mad, frustrated, or otherwise want to put an end to a conversation….

JIT also speeds the production process, thereby eliminating long lead times and improving delivery performance. Using a Just-in-Time inventory system reduces the amount of material on hand in the production facility. Companies can reduce the cost to …

There is no upper limit to the number of accounts involved in a transaction but the minimum cannot be less than two accounts. As per Double Entry System of Book Keeping, every transaction affects two sides, i.e. debit and credit….

If the entity incurs any costs after the split-off point, the costs are likely associated with a specific product, and so can be more readily assigned to them. All the joint products are priced equally when it comes to their economic value. They also…