Bookkeeping

Many small businesses prefer standard cost accounting due to its ease and simplicity. Overheads are costs that relate to ongoing business expenses that are not directly attributed to creating products or services. Office staff, utilities,...

They also draw on established best practices governing cost, disclosure, matching, revenue recognition, professional judgment, and conservatism. GAAP is focused on the accounting and financial reporting of U.S. companies. The Financial Accounting Standards Board (FASB),...

In many cases, this approach proves to be more cost-effective than the alternative of hiring a full or part-time in-house bookkeeper. The first difference between traditional and online accounting is the accuracy and margin of...

Therefore, by the time financial information is accumulated, it’s likely that the working capital position of the company has already changed. Therefore, if Working Capital increases, the company’s cash flow decreases, and if Working Capital decreases, the company’s...

A trial balance ensures that all bookkeeping entries are recorded accurately and that no account or entry is omitted from these records. The first step in creating the adjusted trial balance is to record all...

To record the petty cash transactions for August, you would need to record the expenses as a journal entry. The petty cash log should include the date, details of the transaction, the cash you put...