Bookkeeping

During your last budget review meeting of each quarter, review your financial data more closely and take more time to visualize the current and future state of your organization’s activities. At the end of the year, use this year’s budget and review resources to inform next year’s budget, along with your statements of activities and […]

It represents the amount of product lost or wasted due to defects or inefficiency in the manufacturing process after it what is standard costing reaches the final production stage. The basic objective of standard costing is to measure the differences between standard costs and actual costs, and analysing them to maintain the productivity of the

A higher ratio typically indicates that the company is efficiently using its assets, while a lower ratio may suggest underutilization. This metric is especially useful for comparing companies within the same industry to evaluate operational performance. That said, a higher ratio typically indicates that the company is more efficient in using its assets to generate

Listen to them without judgment, validate their feelings, and help them find professional resources when needed. Sometimes, simply being present can provide comfort and reassurance. If you have many conflicting feelings at once, emotional overwhelm can be especially likely. Whether consulting with a mental health professional, joining a support group, or simply starting a conversation

We estimated that each home would require 400 direct labor hours and each direct labor hour would cost $20. A favorable efficiency variance indicates that fewer labor hours were used than the standard allowed. This could reflect improved worker productivity, better supervision, or process improvements. Analysis They pay a set rate for a physical exam,

Each type has specific uses but all of them are considered books of original entry since they serve as initial records of transactions that enter into the accounting system. The general journal, also called the book of first entry, is a record of business transactions and events for a specific account. In other words, this

The company uses this account when it reports sales of goods, generally under cost of goods sold in the income statement. Unlike liabilities, equity is not a fixed amount with a fixed interest rate. Liabilities are debts that a company owes and costs that it must pay to keep running. Debt is a liability whether

GAAP refers to a set of standards for how companies, nonprofits, and governments should present their financial statements. Generally Accepted Accounting Principles are heavily used among public and private entities in the United States. The IASB establishes and interprets the international communities’ accounting standards when preparing financial statements. Accounting standards ensure that the financial statements from