Accounting Tools
JANUARY 25, 2025
What is Management by Exception? Management by exception is the practice of examining the financial and operational results of a business, and only bringing issues to the attention of management if results represent substantial differences from the budgeted or expected amount. For example, the company controller may be required to notify management of those expenses that are the greater of $10,000 or 20% higher than expected.
Insightful Accountant
JANUARY 25, 2025
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Accounting Tools
JANUARY 25, 2025
What are Outstanding Shares? Outstanding shares are the aggregate number of shares that a corporation has issued to investors. This is an important number, since it is used to calculate the earnings per share of a publicly-held business. It is a less-commonly used number in the financial reporting of privately-held businesses. How to Derive Outstanding Shares To find the total number of outstanding shares, follow these steps: Go to the balance sheet of the company in question and look in the sha
Accounting Tools
JANUARY 25, 2025
What is a Labor Rate Variance? The labor rate variance measures the difference between the actual and expected cost of labor. An unfavorable variance means that the cost of labor was more expensive than anticipated, while a favorable variance indicates that the cost of labor was less expensive than planned. This information can be used for planning purposes in the development of budgets for future periods, as well as a feedback loop back to those employees responsible for the direct labor compon
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Accounting Tools
JANUARY 25, 2025
What is a Gain Contingency? A gain contingency is an uncertain situation that will be resolved in the future, possibly resulting in a gain. The accounting standards do not allow the recognition of a gain contingency prior to settlement of the underlying event. Doing so might result in the excessively early recognition of revenue (which violates the conservatism principle ).
Accounting Tools
JANUARY 25, 2025
What is Goodwill? Goodwill is the excess of the purchase price paid for an acquired entity and the amount of the price not assigned to acquired assets and liabilities. It arises when an acquirer pays a high price to acquire another business. This asset only arises from an acquisition ; it cannot be generated internally. Example of Goodwill As an example of goodwill, Acorn Corporation acquires Brittle Corporation for $10 million.
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Accounting Tools
JANUARY 25, 2025
What is a First Stage Allocation? A first stage allocation is the process used to assign overhead costs to activities. This allocation is employed in an activity-based costing system, and is the first step in the eventual allocation of overhead costs to cost objects. The intent behind a first stage allocation is to distribute overhead costs to the activities that actually use these costs.
Accounting Tools
JANUARY 25, 2025
What is Good Output? Good output refers to units of production that have passed the quality standards of a business. These units are then packaged for final sale and stored in the warehouse as finished goods. Accounting for Good Output Once goods pass quality inspection, you can assign manufacturing costs to them. This is likely to involve the assignment of direct costs, which are typically direct materials and direct labor, along with an allocation of factory overhead costs.
Accounting Tools
JANUARY 25, 2025
What is a Gain? A gain is derived from an increase in the value of an asset. It is considered to be realized if the asset is sold to a third party, resulting in a profit. A gain is considered to be unrealized if the asset has not yet been sold. Gains are typically realized through secondary or non-operating activities and are recorded on the income statement as part of a companys total income.
Accounting Tools
JANUARY 25, 2025
What is a Procedure? A procedure is a regimented set of steps that are to be taken to complete a task. Procedures are useful for the more repetitive or complex tasks, so that the tasks can be completed in a consistent manner, time after time. New employees typically receive training in how to complete procedures, to minimize any variation in the outcomes of tasks.
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Accounting Tools
JANUARY 25, 2025
What is a Salary? A salary is a fixed amount that is paid to an employee at regular intervals, irrespective of the hours or amount of work performed. The amount of a salary is usually stated as the full annual amount to be paid, such as $80,000 per year. Salaries are usually paid at bi-weekly , semi-monthly, or monthly intervals. A salaried employee is typically paid through the date of each paycheck , since the amount paid never varies.
Accounting Tools
JANUARY 25, 2025
What is a CEO? A CEO is the chief executive officer of a business. This person is responsible for an organizations overall management, strategic direction, and success. The CEO acts as the primary decision-maker and leader, representing the company both internally and externally. This person reports to the board of directors and often works closely with other executive leaders to achieve the organizations goals.
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