March 30, 2021
Charles Lutwidge
Plant Assets: Explanation and Examples
The effective functioning of a company is possible with the availability of certain economic resources used for the production of products or the provision of services. In the financial world, everything that a firm has and uses in production is...
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March 30, 2021
Charles Lutwidge
How to Calculate Sales Tax: Step-by-Step Guide
Are you a small business owner that wants to better understand how to calculate sales tax? Maybe you are a consumer who wants to know how to calculate sales tax and know how much the product will end up actually...
March 30, 2021
Charles Lutwidge
Explanation of Cash Flow and Its Importance
Undoubtedly, the main indicator of the effectiveness of any business is its income and profitability. However, there is one more accounting indicator that can be used to judge the company’s success – this is cash flow. Looking at it, you...
March 30, 2021
Charles Lutwidge
Outstanding Checks: Definition and How to deal with them
Definition The definition of outstanding checks is checks written by us and sent to the payee. If the payee has not deposited the check, it will not be reflected in our bank account and stay outstanding. It is considered to...
March 30, 2021
Charles Lutwidge
Matching Principle: Definition and Importance
Definition The matching principle is an international accounting principle, which means that all the revenues should be attributed to the period of sale, delivery of goods and provision of services and that only those expenses are recorded in the reporting...
March 09, 2021
Charles Lutwidge
What is a Chart of Accounts?
The chart of accounts is one of those bookkeeping basics that you should know before you can start learning more advanced material. Without knowing this concept, it will be practically impossible to maintain proper bookkeeping records, especially for a larger...
March 09, 2021
Charles Lutwidge
Conversion Costs: Meaning, Formula, and Example
Definition Businesses where process costing is used, as opposed to job costing, usually have various production stages. At each production stage, resources, such as labor, additional material, and utilities, are added. Each stage includes a large amount of costs and...
March 09, 2021
Charles Lutwidge
What is the Cost of Goods Sold? Meaning and Calculation
In the process of analysis and planning, the management usually wants to calculate indicators that characterize the efficiency of an enterprise. These indicators are crucial for being able to steer the business in the right direction and towards success. In...
