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...
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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...
October 05, 2021
Charles Lutwidge
Fund Accounting Explained in Simple Terms
Accounting in non-profit Accounting information is used by users for decision-making and control. The company’s management, having analyzed the accounting information for the year, will make decisions regarding the further activities of the non-profit organization. After studying the accounting information,...
October 04, 2021
Charles Lutwidge
Introduction to Governmental Accounting
Overview Governmental organizations provide a broad range of services to the public in a given geographic area. You are well aware of federal and state governments, cities, towns, counties, and so on. There are also governmental organizations that have a...
October 01, 2021
Charles Lutwidge
Explanation of Account Reconciliation with Example
Overview It is not a secret for anyone that the reliability of financial statements and accounting data can and should be checked. In this regard, there are corresponding provisions in accounting practice. They provide for the need for an inventory...
September 30, 2021
Charles Lutwidge
What Is Sales Margin and How to Calculate It?
When starting a business, most entrepreneurs are unfamiliar with many economic concepts and processes. Nevertheless, over time, you have to master this too. After all, business owners are always interested in developing and increasing the income of their company. One...
September 29, 2021
Charles Lutwidge
The Basics of Cost Accounting
Overview In the course of their activities, enterprises are faced with certain costs, without which it is impossible to achieve goals and which are the main constraints to business success. Hence, we can conclude that the efficiency of an enterprise...
September 28, 2021
Charles Lutwidge
What Is Opening Balance Equity?
Accounting Equation To help you better grasp the meaning of the Opening Balance Equity why it is created and what you should do with it, we are going to review some basic accounting concepts. Many do not know that the...
