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JULY 8, 2023
Related Courses Revenue Management Revenue Recognition The difference between margin and markup is that margin is sales minus the cost of goods sold , while markup is the the amount by which the cost of a product is increased in order to derive the selling price. A mistake in the use of these terms can lead to price setting that is substantially too high or low, resulting in lost sales or lost profits, respectively.
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JULY 8, 2023
Related Courses Human Resources Guidebook Optimal Accounting for Payroll Payroll Management What is a W-2 Contractor? A W-2 contractor is an individual who is issued a Form W-2 by a temporary work agency, but who works as a contractor for a client of the agency. In the work environment, a person can be classified as an employee or a contractor. An employee is a person who is supervised within a business and is subject to its work rules; the employer deducts taxes from the employee's pay, matches
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Accounting Tools
JULY 8, 2023
Related Courses Accountants’ Guidebook Bookkeeping Guidebook The Balance Sheet What are Contra Accounts? A contra account offsets the balance in another, related account with which it is paired. Contra accounts appear in the financial statements directly below their paired accounts. Sometimes the balances in the two accounts are merged for presentation purposes, so that only a net amount is presented.
Accounting Tools
JULY 8, 2023
Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements What is Financial Analysis? Financial analysis is the examination of financial information to reach business decisions. This analysis typically involves an examination of both historical and projected profitability , cash flows , and risk. It may result in the reallocation of resources to or from a business or a specific internal operation.
Speaker: Victor C. Barnes, CPA, MBA
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Accounting Tools
JULY 8, 2023
Related Courses Optimal Accounting for Payables Payables Management How is a Voucher Used in Accounting? A voucher is an internal document describing and authorizing the payment of a liability to a supplier. It is most commonly used in a manual payment system, where it is part of the system of controls. A voucher is created following the receipt of an invoice from a supplier.
Accounting Tools
JULY 8, 2023
Related Courses Accountants’ Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook When you reconcile an account, you are proving that the transactions that sum to the ending account balance for the account are correct. This means you can prove one of the following two assertions: That the transactions included in a revenue, expense, gain, or loss account belong in that account, and so should not be shifted into an account that more closely matches the nature of the transaction; or That th
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Accounting Tools
JULY 8, 2023
Related Courses Accountants' Guidebook Bookkeeping Guidebook The Balance Sheet When a cash dividend is declared by the board of directors , debit the retained earnings account and credit the dividends payable account, thereby reducing equity and increasing liabilities. Thus, there is an immediate decline in the equity section of the balance sheet as soon as the board of directors declares a dividend, even though no cash has yet been paid out.
Accounting Tools
JULY 8, 2023
Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook What is the Business Entity Concept? The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses. Doing so requires the use of separate accounting records for the organization that completely exclude the assets and liabilities of any other entity or the owner.
Accounting Tools
JULY 8, 2023
Related Courses Business Ratios Guidebook Financial Analysis The Interpretation of Financial Statements Sales margin is the amount of profit generated from the sale of a product or service. It is used to analyze profits at the level of an individual sale transaction , rather than for an entire business. By analyzing sales margins, one can identify which products being sold are the most (and least) profitable.
Accounting Tools
JULY 8, 2023
Related Courses Capital Budgeting Fixed Asset Accounting How to Audit Fixed Assets A capital expenditure refers to the expenditure of funds for an asset that is expected to provide utility to a business for more than one reporting period. Examples of capital expenditures are as follows: Buildings (including subsequent costs that extend the useful life of a building) Computer equipment Office equipment Furniture and fixtures (including the cost of furniture that is aggregated and treated as a sin
Speaker: Kim Beynon, CPA, CGMA, PMP
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
Accounting Tools
JULY 8, 2023
What is a Joint Venture? A joint venture is a business arrangement in which two or more parties contribute resources in order to achieve a goal. They can be organized in the ways noted below. In all of these types of joint venture, there are two or more venturers that are bound by a contractual agreement that establishes joint control over the entity.
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JULY 8, 2023
Related Courses Operations Management What is Just-in-Time Manufacturing? Just-in-time manufacturing requires the creation of goods when customer orders are received. The intent behind this system is to avoid the waste that would otherwise arise from the excessive storage of inventory and the overproduction of goods. The result is a streamlined system that minimizes the investment in working capital , while also minimizing inventory obsolescence and production scrap.
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JULY 8, 2023
Related Courses Corporate Cash Management Corporate Finance Investing Guidebook What is a Mutual Fund? A mutual fund is a portfolio of securities that is owned by many investors, where each investor owns shares in the portfolio. The fund is operated by money managers, who invest funds with the target of increasing the return to investors, either from income or capital gains.
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JULY 8, 2023
Related Courses Accounting Controls Guidebook Accounting Procedures Guidebook What is a Management Control System? A management control system maintains a detailed level of oversight over the use of resources within a business. The system assigns responsibility for resource consumption to various individuals, whose performance is judged based on their ability to manage resources in the most effective manner possible.
Speaker: Mark Gilham, FCCA, CPP
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
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JULY 8, 2023
Related Courses Accounting for Intangible Assets Fixed Asset Accounting How to Audit Fixed Assets What is Straight Line Amortization? Straight line amortization is a method for charging the cost of an intangible asset to expense at a consistent rate over time. This method is most commonly applied to intangible assets, since these assets are not usually consumed at an accelerated rate, as can be the case with some tangible assets.
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JULY 8, 2023
Related Courses Managerial Economics What is a Monopoly? A monopoly occurs when one producer controls the supply of goods and services to customers. The monopoly is more effective when there is a restriction on the ability of new competitors to enter the market. This situation most commonly arises when there are regulations blocking new entrants. It may also occur on a temporary basis when a business is granted a patent on a key product, so that competitors cannot sell the same product for a per
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JULY 8, 2023
Related Courses Business Insurance Fundamentals Enterprise Risk Management What is a Risk Manager? The risk manager position is responsible for the monitoring and mitigation of all risks within a company. The position usually reports to the chief financial officer , but may also work closely with many parts of the company, including engineering, human resources, legal and accounting, production, safety and health, and security.
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JULY 8, 2023
Related Courses Fraud Examination Fraud Schemes How to Audit for Fraud What is Managed Earnings? Managed earnings occur when the managers of a business falsely manipulate reported profit levels. The manipulation is usually designed to increase profits, perhaps to improve the stock price of the business or to qualify it for a loan. Earnings may also be adjusted downward in order to reduce the tax burden of the business.
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Accounting Tools
JULY 8, 2023
Related Courses Cost Accounting Fundamentals What is a Spending Variance? A spending variance is the difference between the actual and expected (or budgeted) amount of an expense. Thus, if a company incurs a $500 expense for utilities in January and expected to incur a $400 expense, there is a $100 unfavorable spending variance. This concept is commonly applied to the areas noted below.
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