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...
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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...
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...
