Accounting Today

SEPTEMBER 8, 2022

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Cost Accounting 258

Cost Accounting Accounting Accounting 258

Accounting Tools

APRIL 6, 2024

What Does the Accounting Department Do? The accounting department is responsible for a large number of administrative functions within an organization. Though considered "back office" activities, these functions are essential to the proper operation of a business. They are as follows: Credit.

Accounting 75

Accounting Accounting Financial Statements Budgeting 75

Accounting Tools

OCTOBER 11, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook Introduction to Accounting Basics Accounting is the practice of recording and reporting on business transactions. This means setting up accounts in which financial information is stored. Examples are accounts receivable and inventory.

Accounting 75

Accounting Accounting Record Keeping Purchase Order 75

Accounting Tools

DECEMBER 19, 2023

Accountancy is the practice of recording, classifying, and reporting on business transactions for a business. The key accountancy tasks are noted below. There are also a number of business transactions that are non-repetitive in nature, and so require the use of journal entries to record them in the accounting records.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

JUNE 20, 2023

Related Courses Bookkeeping Guidebook CFO Guidebook New Controller Guidebook What are the Types of Accounting? There are several types of accounting that range from auditing to the preparation of tax returns. Accountants tend to specialize in one of these fields, which leads to the different career tracks noted below.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

APRIL 4, 2023

Related Courses Cost Accounting Fundamentals Managerial accounting involves collecting, analyzing, and reporting information about the operations and finances of a business. The functions of managerial accounting include the following: Margin analysis. Transaction analysis.

Accounting 75

Accounting Accounting Financial Statements Financial Reporting 75

Accounting Tools

MARCH 11, 2024

What is an Accounting System? An accounting system is a set of accounting processes with integrated procedures and controls. Though an accounting system can be entirely paper-based, this situation is usually only found in quite small businesses.

Accounting 40

Accounting Accounting Accounting Software Billing 40

Accounting Tools

OCTOBER 28, 2023

Related Courses Accounting for Retirement Benefits How to Account for a Pension The accounting for pensions can be quite complex, especially in regard to defined benefit plans. The Types of Pension Costs There are a number of costs associated with defined benefit plans that may at first appear arcane.

Accounting 75

Accounting Accounting Cost Accounting 75

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook An accountant is a person who records business transactions on behalf of an organization, reports on company performance to management, and issues financial statements. Management reports are issued to the management team.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

MARCH 28, 2023

Related Courses Accounting for Inventory Bookkeeping Guidebook Cost Accounting Fundamentals What is Accounting Cost? Accounting cost is the recorded cost of an activity. An accounting cost is recorded in the ledgers of a business, so the cost appears in an entity's financial statements.

Accounting 40

Accounting Accounting Financial Statements Cost Accounting 40

Accounting Tools

MARCH 23, 2023

Related Courses Accounting for Inventory How to Audit Inventory Inventory Management How to Account for Inventory The accounting for inventory involves determining the correct unit counts comprising ending inventory , and then assigning a value to those units. These basic inventory accounting activities are expanded upon below.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

SEPTEMBER 24, 2023

What is an Accounting Department? The accounting department is part of the corporate overhead group of an organization. It is responsible for billings, payroll , cost accounting , the production of financial statements , paying suppliers , and similar activities.

Accounting 40

Accounting Accounting Financial Analysis Financial Statements 40

Accounting Tools

APRIL 7, 2024

Related AccountingTools Courses Accounting for Inventory Activity-Based Costing Cost Accounting Fundamentals What is Not Included in Manufacturing Overhead? Manufacturing overhead does not include any of the selling or administrative functions of a business. it is also possible to use multiple allocation methods.

Cost Accounting 75

Cost Accounting Financial Statements Financial Reporting Auditing 75

Accounting Tools

APRIL 25, 2024

Related AccountingTools Courses Activity-Based Costing Cost Accounting Fundamentals Example of a Downward Demand Spiral Tsunami Products manufactures several types of shower heads. After a detailed analysis of margins, the company’s cost accountant recommends to management that the dual shower head model be cancelled.

Cost Accounting 75

Cost Accounting Accounting Accounting 75

Cloud Accounting Podcast

APRIL 26, 2023

FTX had 80,000 transactions in Ask My Accountant; the crazy cost accounting behind EY's failed breakup; using ChatGPT for financial statement analysis; what the tech world thinks AI will automate in accounting and more! Interested in sponsoring the Cloud Accounting Podcast? We appreciate you!

CPA 98

CPA Financial Statements Accounting Accounting 98

Accounting Tools

JULY 27, 2023

Related Courses Credit and Collection Guidebook Bookkeeping Guidebook Budgeting CFO Guidebook Cost Accounting Fundamentals New Controller Guidebook Payables Management Payroll Management Project Accounting Someone wanting to enter the accounting field can choose to train for a number of possible positions.

General Ledger 40

General Ledger Accounting Accounting Payroll 40

Accounting Today

JULY 24, 2023

The federal contractor reached one of the largest procurement fraud settlements in history over a civil investigation related to its cost accounting.

Cost Accounting 130

Cost Accounting Accounting Accounting 130

Accounting Tools

OCTOBER 25, 2023

Related Courses Cost Accounting Fundamentals What is the Accounting for Variances? There is usually no need to account for variances. Accounting for Inventory Variances The exception is when transactions are initially recorded at their standard costs in the accounting records.

General Ledger 40

General Ledger Accounting Accounting Budgeting 40

Accounting Tools

APRIL 17, 2024

Related AccountingTools Course Cost Accounting Fundamentals Comparing Direct and Indirect Labor The difference between direct labor and indirect labor is that only labor involved in the hands-on production of goods and services is considered to be direct labor. The accounting is noted below.

Cost Accounting 75

Cost Accounting Accounting Accounting 75

Accounting Tools

APRIL 28, 2024

Once the split-off point has been reached, any subsequent costs incurred, such as for product finishing, are classified as separable costs. In accounting, the split-off point should be clearly defined, so that all separable costs incurred thereafter can be separately tracked and assigned to specific products.

Cost Accounting 40

Cost Accounting Accounting Accounting 40

Accounting Tools

FEBRUARY 15, 2024

What is Total Cost? Total cost is the total expenditure incurred to produce some type of output. From an accounting perspective, the total cost concept is more applicable to financial reporting, where overhead costs must be assigned to certain assets. The alternative definitions for total cost are noted below.

Cost Accounting 72

Cost Accounting Financial Reporting Budgeting Tax 72

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory Direct material is the physical items built into a product. The direct materials concept is used in cost accounting , where this cost is separately classified in several types of financial analysis.

Financial Analysis 75

Financial Analysis Cost Accounting Budgeting Auditing 75

Accounting Tools

OCTOBER 5, 2023

Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook The general ledger clerk position is accountable for creating journal entries and assembling supporting documentation, as well as for tracking the contents of accounts , creating portions of the financial statements , and writing related disclosures.

General Ledger 40

General Ledger Financial Statements Accounting Accounting 40

Accounting Tools

AUGUST 3, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Timeliness of Accounting Information? The timeliness of accounting information refers to the provision of information to users quickly enough for them to take action.

Financial Statements 40

Financial Statements Accounting Accounting Bookkeeping 40

Accounting Fun

OCTOBER 7, 2022

Profit – A chief executive who gives the accountant the bottom-line. Book-keeping – Those books not given to the accountant. Fixed Cost – Size of required bribe. Cost Accounting – Size of accountants' bill. Debtor – A high society fillies’ coming out trip. Expended – Exhausted from all that shopping.

Corporation Tax 40

Corporation Tax Accounting Accounting Budgeting 40

SMB Accounting and Consulting

DECEMBER 21, 2022

Bookkeeping and accounting are often used interchangeably when describing a process of recording financial transactions for a business, but they are not the same functions. Accountants also support management in the implementation and monitoring of internal controls. Tax accountants specialize in IRS law and completion of tax returns.

Bookkeeping 52

Bookkeeping Financial Statements Accounting Accounting 52

Accounting Tools

SEPTEMBER 7, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What is a Cost of Goods Manufactured Schedule? The cost of goods manufactured schedule is used to calculate the cost of all items produced during a reporting period.

Financial Statements 75

Financial Statements Cost Accounting Auditing Financial Accounting 75

Accounting Tools

MARCH 27, 2023

Related Courses Accounting for Investments Corporate Finance GAAP Guidebook Bond issue costs are the fees associated with the issuance of bonds by an issuer to investors. The accounting for these costs involves initially capitalizing them and then charging them to expense over the life of the bonds.

Corporate Finance 40

Corporate Finance Accounting Accounting Cost Accounting 40

Accounting Tools

JULY 27, 2023

Related Courses Activity-Based Costing Activity-Based Management Cost Accounting Fundamentals What is Costing? Costing is any system for assigning costs to an element of a business. This calls for the use of a cost allocation system, consistently applied.

Cost Accounting 75

Cost Accounting Tax Accounting Accounting 75

Accounting Tools

APRIL 29, 2024

In some cases, they will find that the real problem is an incorrectly-derived standard cost that generates unfavorable variances even when there is no underlying problem. Having a complete system of standard costs in place makes it easier to compare actual results to expectations, and is the foundation for budget vs. actual reporting.

Budgeting 40

Budgeting Cost Accounting Billing Accounting 40

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What is Factory Cost? Factory cost refers to the total cost required to manufacture goods. This concept is the basis for several cost accounting analyses. As such, these costs are recorded as part of the inventory asset.

Cost Accounting 75

Cost Accounting Accounting Accounting 75

Accounting Tools

APRIL 24, 2024

The same approach works in reverse, where the variable component of the cost will be eliminated when the activity level declines below a certain amount.

Cost Accounting 74

Cost Accounting Budgeting Billing Accounting 74

Accounting Tools

FEBRUARY 5, 2024

Related AccountingTools Courses Accounting for Inventory Activity-Based Costing Cost Accounting Fundamentals Related Articles Accounting for Manufacturing Businesses Fixed Manufacturing Overhead Applied Manufacturing Cost Accounting Manufacturing Overhead Manufacturing Overhead Rate

Cost Accounting 40

Cost Accounting Accounting Accounting 40

SMB Accounting and Consulting

DECEMBER 2, 2020

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. These should be integrated in any federal contractors accounting policies.

Accruals 87

Accruals Financial Records Accounting Accounting 87

Accounting Tools

JUNE 21, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What are Conversion Costs? Conversion costs are those production costs required to convert raw materials into completed products. Therefore, the conversion cost per unit for the month was $6.80

Cost Accounting 75

Cost Accounting Payroll Tax Accounting 75

Accounting Tools

JUNE 12, 2023

Related Courses Cost Accounting Fundamentals Financial Analysis Operations Management How to Calculate Efficiency The efficiency equation is a comparison of the work output from an operation to the work input to that same operation. The concept has been most thoroughly formalized in cost accounting , as noted below.

Financial Analysis 75

Financial Analysis Cost Accounting Accounting Accounting 75

Accounting Tools

FEBRUARY 10, 2024

Finally, a business might incur quality inspection costs as part of its batch processing, which involves inspecting units both during and after a production run, to see if they meet the producer’s quality standards. If so, the total batch cost is aggregated and divided by the number of units produced to arrive at a unit cost.

Cost Accounting 40

Cost Accounting Accounting Accounting 40