Basic standards provide the basis for comparing actual costs over time with a constant standard. Public utilities such as transport organizations, electricity supply companies, and waterworks can also apply standard costing techniques to control costs and increase efficiency. The variances…
It is a popular slang term used in online chat and text conversations to indicate agreement or understanding, or to say “welcome” or “goodbye” in pagan culture. In conclusion, MM can have different meanings depending on the context and the…
This can have implications on shareholders’ year-end tax returns, although the effect may be minimal in the big picture. Cash dividends are more widespread among companies that issue dividends. The value of money is pretty easy to grasp, and for…
The accounts reflected on a trial balance are related to all major accounting items, including assets, liabilities, equity, revenues, expenses, gains, and losses. It is primarily used to identify the balance of debits and credits entries from the transactions recorded…
On the other hand, wages are hourly rates multiplied by the hours worked by an employee. This rate also comes from the employment contract signed by both parties. First, expenses are shown on the income statement while liabilities are shown…
It’s fine to have inventory recorded on your balance sheets, but you’ll want to make sure you’re not under/over-ordering or risking food waste. The first, more preferred method, is to calculate your turnover rate based on Cost of Goods Sold…