Mark P. Holtzman, PhD, CPA, is Chair of the Department of Accounting and Taxation at Seton Hall University. He has taught accounting at the college level for 17 years and…
First, it expands the number of cost pools that can be used to assemble overhead costs. Instead of accumulating all costs in one company-wide pool, it pools costs by activity.…
On a general ledger, debits are recorded on the left side and credits on the right side for each account. Since the accounts must always balance, for each transaction there…
A profit center is a reporting unit of a business that is responsible for profits generated. An example of a profit center is a subsidiary, which is responsible for the…
This means that XYZ has a lot of plant and equipment that is unproductive. It seems to me that most of the problem lies in the firm’s fixed assets. They…
The calculation of the cost of sales, which is reported on the income statement, also depends on the conversion cost. An example of direct labor are the employees working on…
Automation software is a type of digital transformation requiring employee support to produce the best results. AI includes the ability to perform predictive analytics, useful for preparing financial forecasts and…
There are a variety of accounting formulas for businesses that can be used for a variety of purposes, such as producing a statement of cash flows, reviewing inventory turnover, and…
To make the best decision, companies should carefully assess their needs, resources, and objectives. The final step to managing accounts receivable is to write everything what is comprehensive income down.…
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