October 20, 2021
Charles Lutwidge
Meaning and Example of Insurance Expense
Insurance No one is safeguarded from accidents and other unfortunate events that inevitably occur in our lives. Insurance is a way to protect you and your property from various risks. It is primarily the protection of your financial interests in...
Delegate your financial records to a highly qualified bookkeeper and forget about bookkeeping stress forever.
October 19, 2021
Charles Lutwidge
Variance Analysis
Budgeted costs Among other questions, an investor would ask about the project costs. The management would need to not only get numbers that are close to what the business will spend but also adhere to these projected numbers to the...
October 18, 2021
Charles Lutwidge
Marginal Cost Formula
Overview When we talk about the production of any product, we always say that the interaction of different elements and processes allows the raw material to become the final product, which is destined to get into the hands of the...
October 17, 2021
Charles Lutwidge
Annual Income: Meaning and Calculation
Overview There are numerous reasons an individual would need to know their total annual income. This can be an application for a loan, tax payments, as well as child support. What is meant by total annual income? Let’s look at...
October 15, 2021
Charles Lutwidge
Accounts Receivable Factoring
Your manufacturing company has received a large contract, shipped a large batch of goods with a deferred payment. The second major client made an order immediately after this transaction and your company definitely does not want to lose this client....
October 13, 2021
Charles Lutwidge
Capital Lease vs Operating Lease
Leases The most common types of leases you will come across as a business owner or an accountant are operating lease and capital lease. Before we do capital lease vs operating lease comparison, let’s first consider what makes businesses go...
October 08, 2021
Charles Lutwidge
Encumbrance Accounting: Explanation and Example
Budgeting and Planning A budget is an itemized plan that includes the income and expenses of a company for a certain period. Most often it is drawn up for a year, but the company itself can increase or decrease the...
October 06, 2021
Charles Lutwidge
Basics of Nonprofit Accounting
Nonprofit organization An organization is considered nonprofit if two conditions are met: its purpose is not to make a profit. As a rule, it sets before itself socially useful tasks: social, charitable, cultural, educational, scientific, and many others; the received...
