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. What exactly is GAAP? All publicly traded companies are required to follow GAAP.

Accruals 87

Accruals Financial Records Accounting Accounting 87

Accounting Tools

JULY 11, 2024

Related AccountingTools Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory Direct Materials Use in Throughput Analysis Direct materials is an important concept in throughput analysis , where throughput is the revenue generated by a product sale, less all totally variable costs.

Billing 73

Billing Cost Accounting Auditing Accounting 73

Accounting Tools

OCTOBER 11, 2023

There are numerous more advanced topics that fall under the umbrella of accounting, as noted below. Cost Accounting Cost accounting involves the review of product costs, examining operating variances, engaging in profitability studies, bottleneck analysis, and many other operational topics.

Accounting 75

Accounting Accounting Record Keeping Purchase Order 75

Accounting Tools

JUNE 16, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What are Inventoriable Costs? Inventoriable costs are included in the cost of a product. For a manufacturer, these costs include direct materials , direct labor , freight in , and manufacturing overhead.

Auditing 75

Auditing Cost Accounting Accounting Accounting 75

Accounting Tools

NOVEMBER 1, 2023

Areas of Accounting Specialization There are many sub-fields within accounting in which a person can specialize. For example, there are tax accountants , cost accountants , payroll clerks , billing clerks , general ledger accountants , and collection clerks.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Accounting Tools

JULY 17, 2023

Related Courses Accounting for Inventory How to Audit Inventory Inventory Management What is the Cost of Inventory? Inventory cost includes the costs to order and hold inventory , as well as to administer the related paperwork. The cost of cost accounting personnel is charged to expense as incurred.

Cost Accounting 70

Cost Accounting Payroll Auditing Accounting 70

Accounting Tools

OCTOBER 22, 2023

Stock taking is a common requirement of a periodic inventory system , and may also be required as part of a company's annual audit. Verify Counts The cost accountant compares the resulting information to the unit balances maintained in the company's perpetual inventory system (assuming that it has one).

Computation 75

Computation Reconciling Auditing Cost Accounting 75

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. Account for spoilage, rework, and scrap.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

JULY 15, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What is COGS? COGS is the cost of those goods associated with product sales. The main categories of costs included in COGS are direct materials , direct labor , factory overhead , and production supplies.

Payroll 75

Payroll Auditing Cost Accounting Accounting 75

Accounting Tools

SEPTEMBER 27, 2023

Related Courses Accounting for Inventory Activity-Based Costing Cost Accounting Fundamentals What is an Allocation? An allocation is the process of shifting overhead costs to cost objects , using a rational basis of allotment.

Financial Statements 40

Financial Statements Auditing Cost Accounting Accounting 40

Accounting Tools

APRIL 22, 2023

Related Courses Contract Management Cost Accounting Project Accounting What are Allowable Costs? Allowable costs are those expenses specified in a contract that can be billed to the customer. The seller cannot bill any other costs through to the customer.

Billing 40

Billing Cost Accounting Auditing Accounting 40

accountingfly

MAY 9, 2024

FTE Accountant | Candidate ID # 20581682 Certifications: CPA planned for 2025 Education: BBA Accounting, MS Accounting Experience (years): 2 years public accounting Work experience (detail): 15+ years client facing, sales experience 2 years Staff Accountant in public accounting Manages 35+ accounting and tax clients 6+ years in banking client relationship (..)

QuickBooks 52

QuickBooks Accounting Accounting CPA 52

Accounting Tools

JULY 25, 2024

Related AccountingTools Courses Accounting for Inventory Cost Accounting Fundamentals Related Articles Corporate Overhead Factory Overhead Manufacturing Overhead Non-Manufacturing Overhead Costs Terms Similar to Administrative Overhead Administrative overhead is also known as general and administrative overhead.

Cost Accounting 40

Cost Accounting Auditing Accounting Accounting 40

Accounting Tools

APRIL 4, 2023

Related Courses Activity-Based Costing Cost Accounting Fundamentals What is Indirect Overhead? Indirect overhead is any overhead cost that is not part of manufacturing overhead. Thus, indirect overhead is not directly related to a company's production of goods or provision of services to customers.

Cost Accounting 40

Cost Accounting Auditing Accounting Accounting 40

accountingfly

AUGUST 15, 2024

ACCOUNTING CANDIDATES FTE Accounting | Candidate ID #22164769 Certifications: EA in process Education: BS BA, MBA, MS Accountancy Experience (years): 5+ years accounting experience Work experience (detail): Senior Accountant/Controller at an accounting firm Writing and implementing client SOPs Client-facing financial reviews Leads 5 staff accountants (..)

XERO 52

XERO CPA Accounting Accounting 52

Accounting Tools

APRIL 5, 2023

Related Courses Cost Accounting Fundamentals Operations Management What is Backflush Costing? Backflush costing is a streamlined approach to recording the cost of production only after goods have been produced. Without this ancillary recordkeeping, the inventory records will be inaccurate.

Cost Accounting 40

Cost Accounting Billing Auditing Accounting 40

Accounting Tools

OCTOBER 22, 2023

Related Courses Cost Accounting Fundamentals What are Indirect Expenses? Indirect expenses are those expenses that are incurred to operate a business as a whole or a segment of a business, and so cannot be directly associated with a cost object , such as a product, service, or customer.

Cost Accounting 40

Cost Accounting Auditing Accounting Accounting 40

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What is Direct Material Cost? Direct material cost is the cost of the raw materials and components used to create a product.

Cost Accounting 40

Cost Accounting Budgeting Billing Auditing 40

Accounting Tools

JUNE 9, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals What is Job Costing? Job costing involves the accumulation of the costs of materials, labor, and overhead for a specific job. An alternative use is to see if any excess costs incurred can be billed to a customer.

Cost Accounting 40

Cost Accounting Billing Invoicing Budgeting 40

Accounting Tools

OCTOBER 19, 2024

Direct labor costs are most commonly associated with products in a job costing environment, where the production staff is expected to record the time they spend working on various jobs. These are also considered to be direct labor costs. This can be a substantial chore if employees work on a multitude of different products.

Payroll 40

Payroll Cost Accounting Billing Tax 40

Accounting Tools

OCTOBER 18, 2024

Consequently, the capitalization of costs will cause reported profit levels on the income statement to vary from the associated cash flows reported on the statement of cash flows. The main problem with the use of capitalized costs is that expenditures are not recognized on the income statement for a long time.

Auditing 75

Auditing Accounting Accounting Tax 75

Accounting Tools

JUNE 16, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What are Indirect Materials? Indirect materials are materials used in the production process, but which cannot be linked to a specific product or job.

Record Keeping 40

Record Keeping Billing Auditing Cost Accounting 40

Accounting Tools

SEPTEMBER 26, 2023

Related Courses Cost Accounting Fundamentals What is an Efficiency Variance? For example, an efficiency variance can be calculated for the number of hours required to complete an audit versus the budgeted amount. The efficiency variance is the difference between the actual unit usage of something and the expected amount of it.

Budgeting 40

Budgeting Auditing Cost Accounting Accounting 40

Accounting Tools

OCTOBER 27, 2023

Without proper account analysis, these accounts tend to build up amounts that should have been purged at some point in the past. If a company's external auditors locate these problems during an audit , they will require that the indicated items be written off , resulting in unexpected earnings reductions.

Accounting 40

Accounting Accounting Reconciling Account Reconciliation 40

Accounting Tools

APRIL 25, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals Product costing methods are used to assign a cost to a manufactured product. The main costing methods available are process costing , job costing , direct costing , and throughput costing. Process costing.

Financial Statements 40

Financial Statements Cost Accounting Billing Auditing 40

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 Financial Statements 40

AvidXchange

FEBRUARY 27, 2019

More Resources Outsourced accounts payable providers have all the resources they need to optimize your process, including automation and reporting tools. Instead of going through the process of acquiring these tools themselves, many companies choose to outsource to get access to their benefits at a fraction of the cost.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

Accounting Tools

JULY 23, 2024

Related AccountingTools Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory Material Costing for Subsequent Valuation Once inventory has been received into stock, it is subject to the lower of cost or market (LCM) rule.

Financial Reporting 40

Financial Reporting Auditing Cost Accounting Accounting 40

Accounting Tools

SEPTEMBER 20, 2023

Related Courses Accounting for Inventory How to Audit Inventory What is a LIFO Layer? A LIFO layer refers to a tranche of cost in an inventory costing system that follows the last-in, first-out (LIFO) cost flow assumption. The cost accountant can provide them with this information.

Auditing 40

Auditing Cost Accounting Tax Accounting 40

Accounting Tools

SEPTEMBER 7, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory How to Create a Cost of Goods Sold Journal Entry The cost goods sold is the cost assigned to those goods or services that correspond to sales made to customers.

General Ledger 40

General Ledger Billing Cost Accounting Invoicing 40

Accounting Tools

MARCH 24, 2023

Related Courses Accounting for Inventory Cost Accounting Fundamentals How to Audit Inventory What is the Cost of Goods Manufactured? The cost of goods manufactured is the cost assigned to produced units in an accounting period.

Payroll 40

Payroll Auditing Cost Accounting Accounting 40

Accounting Tools

OCTOBER 23, 2023

Related Courses How to Conduct an Audit Engagement New Controller Guidebook The Difference Between the CPA and CMA Certifications There are a number of certifications available to the accountant, of which the best-known are the CPA ( certified public accountant ) and CMA ( certified management accountant ).

CPA 40

CPA General Ledger Budgeting Auditing 40

IMA's Count Me

JUNE 20, 2021

Well, I think technical skills are obviously very important in our role as accountants and finance professionals. Our ability to analyze numbers and apply technical financial guidance, whether it's cost accounting or manufacturing accounting, or U.S.

Accounting 40

Accounting Accounting Cost Accounting Accounts Payable 40

IMA's Count Me

NOVEMBER 16, 2022

And, so, I ended up going back to school to get my Master's in Accounting. But I was really frustrated because when I started working on my Master's in Accounting, the real big push was for tax and audit, all the time. So that's how I heard about the CMA within my cost accounting class.

CPA 40

CPA Computation Management Accounting Accounting 40

IMA's Count Me

SEPTEMBER 21, 2022

And at the time I was taking our cost accounting class which I was really enjoying. And later on I talked to the speakers, they introduced the CMA exam scholarship, and my cost professor, Ms. They went on to the University of Georgia and have also served on six large corporate boards where I chaired audit committees.

Computation 40

Computation CPA Management Accounting Financial Reporting 40

IMA's Count Me

NOVEMBER 14, 2022

And I did, I did a few different corporate accounting type of jobs. Doing internal audit for one of the large studios down in Los Angeles and then moving to Paris for a few years and being able to do international consulting. Simone: I've always focused on accounting, right? Here's your audit report.

CPA 40

CPA Management Accounting Accounting Accounting 40

Cloud Accounting Podcast

SEPTEMBER 9, 2022

4:49 – PwC Manager is Suing the Firm After He Lost a Chunk of His Skull at a Drunken Work Event - Going Concern [link] 8:04 – Ernst and Young employee, 33, found dead at Sydney office after Friday night work drinks [link] 10:26 – Top House Intel Republican downplays Trump's records-handling: 'More of a bookkeeping issue' [link] 12:16 – Crypto.com (..)

Bookkeeping 40

Bookkeeping Billing Tax CPA 40