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The Cost Principle, also known as the Historical Cost Principle, is an accounting concept that requires assets to be recorded at their original cost when they are acquired. Fair value accounting can be difficult for both preparers and users of financial statements. The concept of current value can be interpreted in different ways. For example, …
Accounting Cost vs Economic Cost: How & When to Use Each Read More »
In Spike Jonze’s quirky sci-fi, Joaquin Phoenix’s lonely protagonist Theodore is clearly in need of human connection but instead becomes romantically entangled with an AI, tenderly voiced by Scarlett Johansson. In one bizarre scene the AI, named Samantha, organises a sex surrogate to perform as her physical body. It’s weird, but almost everything in this …
Basic HTML5 Template: Use This HTML Boilerplate as a Starter for Any Web Dev Project Read More »
As a business owner, you will need to maintain an up-to-date view of your finances at all times. When you have a clear picture of what your money is doing, you can get a better handle on your business spending. This allows you to develop and consistently improve your profit margin. As a retailer, your …
Paid plans start at $15 per month, billed annually, and offer features that include multiple users, bulk updates, timesheets and sales tax tracking. Learn more about what Zoho has to offer with our Zoho Books review. Patriot is a great accounting and payroll software choice that offers the most essential payroll and accounting features in …
Content Retail Accountant Salary and Outlook Free tools First In, First Out (FIFO accounting): Changing the legal entity of your business Keeping Track Perpetually Can Help Immensely Learn tips to help grow your retail business This method is used by a company’s internal team to make informed decisions about business operations. Cost accounting involves assigning …
Retail Accounting Basics: Understanding the Retail Inventory Method Read More »
When it comes to managing finances, businesses rely on various accounting tools and processes. One essential aspect of financial management is billing, which plays a crucial role in ensuring the smooth flow of revenue. In the world of accounting, billing refers to the process of generating invoices and requesting payment for goods or services provided …
What is the Difference Between Billing and Invoicing? Read More »
That means partners and staff must treat billing as an essential part of their role and complete it in a timely fashion. When partners and staff fail to accept the importance of prompt billing, they cause delays in cash flow and increase the likelihood that some bills won’t be paid in full—or at all. The …
Delaying cost recoveryCost recovery is the ability of businesses to recover (deduct) the costs of their investments. It plays an important role in defining a business’ tax base and can impact investment decisions. When businesses cannot fully deduct capital expenditures, they spend less on capital, which reduces worker’s productivity and wages. It is sometimes referred …
Moreover, with its focus on simplicity and ease of use, Kashoo is a great option for businesses that don’t require the advanced features of larger accounting software solutions. Xero is a cloud-based accounting software designed for small and medium-sized businesses. Xero’s focus on automation and time-saving features make it a great option for businesses that …
A2X for Amazon Review: Best Accounting Software for FBA Sellers Read More »
Even under the periodic inventory system, however, inventory cost flow assumptions need to be made (specific identification, FIFO, weighted average) when purchase prices change over time, as in a period of inflation. Further, different inventory cost flow assumptions produce different cost of goods sold and ending inventory values, just as they did under the perpetual …
Weighted Average vs FIFO vs. LIFO: Whats the Difference? Read More »