Accounting Tools

MARCH 25, 2023

Related Courses Bookkeeping Guidebook New Controller Guidebook What is a Statement of Account? A statement of account is a detailed report of the contents of an account. An example is a statement sent to a customer , showing billings to and payments from the customer during a specific time period, resulting in an ending balance. The purpose of the statement is to remind a customer of sales on credit that have not yet been paid to the seller.

Accounting 75

Accounting Accounting Invoicing Collections 75

Accounting Tools

MARCH 25, 2023

Related Courses CFO Guidebook Investor Relations Guidebook The terms stockholder and shareholder both refer to the owner of shares in a company, which means that they are part-owners of a business. Thus, both terms mean the same thing, and you can use either one when referring to company ownership. To delve into the underlying meaning of the terms, " stockholder " technically means the holder of stock , which can be construed as inventory , rather than shares.

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Accounting Tools

MARCH 25, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Materiality Constraint? The materiality constraint is a threshold used to determine whether business transactions are important to the financial results of a business. If a transaction is material enough to exceed the constraint threshold, then it is recorded in the financial records , and therefore appears in the financial statements.

Financial Records 75

Financial Records Financial Statements Bookkeeping Accounting 75

Accounting Tools

MARCH 25, 2023

Related Courses Bookkeeping Guidebook How to Audit Receivables New Controller Guidebook What is a Bad Debt? A bad debt is an account receivable that has been clearly identified as not being collectible. This means that a specific account receivable is removed from the accounts receivable account, usually by creating a credit memo in the billing software and then matching the credit memo against the original invoice ; doing so removes both the credit memo and the invoice from the accounts receiva

Accounts Receivable 75

Accounts Receivable Account Receivables Accounts Receivable Invoicing 75

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Accounting Tools

MARCH 25, 2023

Related Courses Cost Accounting Fundamentals What is the Fixed Overhead Volume Variance? The fixed overhead volume variance is the difference between the amount of fixed overhead actually applied to produced goods based on production volume, and the amount that was budgeted to be applied to produced goods. This variance is reviewed as part of the period-end cost accounting reporting package.

Budgeting 40

Budgeting Cost Accounting Accounting Accounting 40

Accounting Tools

MARCH 25, 2023

Related Courses Budgeting Capital Budgeting What is a Perpetual Budget? A perpetual budget is a budget that is continually extended whenever the current reporting period has been completed. This usually means that there is a budget in existence for all of the next 12 months, though the budget could be for a shorter or longer interval. The intent of using a perpetual budget is to always have a fixed planning horizon for a business, over which the management team is constantly making plans to impl

Budgeting 40

Budgeting Accounting Accounting 40

Accounting Tools

MARCH 25, 2023

Related Courses Cost Accounting Fundamentals What is Yield Variance? Yield variance is the difference between the amount of finished product expected from a given amount of raw materials , and the amount of finished product actually produced. The concept is used to measure the effectiveness of a production process in creating finished products. It is one of the more common manufacturing metrics.

Cost Accounting 40

Cost Accounting Accounting Accounting 40

Accounting Tools

MARCH 25, 2023

Related Courses Budgeting Capital Budgeting What is Target Profit? Target profit is the expected amount of profit that the managers of a business expect to achieve by the end of a designated accounting period. The target profit is typically derived from the budgeting process, and is compared with the actual outcome in the income statement. This results in a reported variance between the actual and target profit figures, for which the accounting staff may provide a detailed explanation.

Budgeting 40

Budgeting Accounting Accounting 40