Category: Bookkeeping

It is the key to ensuring that each transaction which reflects a debit will always have its corresponding entry on the credit side. Metro Courier, Inc., was organized as a corporation on January 1, the company issued shares (10,000 shares at $3 each) of common stock for $30,000 cash to...

The third step is to compute the predetermined overhead rate by dividing the estimated total manufacturing overhead costs by the estimated total amount of cost driver or activity base. Common activity bases used in the calculation include direct labor costs, direct labor hours, or machine hours. As a result, the...

But no matter what form it comes in, the information on the invoice must be entered into an accounting system, either manually or automatically. Once the information is input into the system and the invoice approved, payment can then be issued, thus concluding the invoice processing cycle. Banks, utility companies,...

That would be the longest such streak since a 35-month run from 1951 through 1953 during the Korean War. Monthly job openings have come down steadily a peak of 12.2 million in March 2022 — as the economy's recovery from COVID-19 lockdowns left companies desperate for workers — but they...

Competencies define the behaviors that power your business drivers and link your leadership development business driver definition strategy to your business strategy. So it's important to have an effective leadership competency model with clearly defined and relevant competencies. It is also crucial to remember that your key business drivers may...

MYOB's customer support team can assist you with any queries or concerns during business hours. However, like Xero, MYOB's customer support is limited to technical issues related to the software and does not provide advice on accounting or tax-related matters. Xero's customer support team is available 24/7 to assist you...

The direct cost is easily allocated in the product cost as we need to allocate the quantity in line with the usage. This rate also helps to determine when it’s time to review the company’s spending to protect its profit margins. Keep reading the article to learn more about the...