by lscuadmin | Oct 31, 2023 | Bookkeeping
Work in process is an asset account used to report inventory items not yet completed. A company has started taking raw materials and converting them to a finished product to sell. However, that final product is not yet done and is not yet ready for sale. Work in...
by lscuadmin | Oct 26, 2023 | Bookkeeping
The most critical is constraint analysis, since proper management of a company’s constraint is the most important driver of its profitability. This means that unfinished products that were transferred into Work in Process (WIP) inventory are left out. If all...
by lscuadmin | Oct 5, 2023 | Bookkeeping
When recording accounts on assets, the value which the property can produce when converted to cash is what is accounted for. It covers money and other valuables belonging to an individual or a business. An OBE account may cause confusion with financial statements,...
by lscuadmin | Sep 22, 2023 | Bookkeeping
Finally, the pilot coverage should be further expanded in due course, and the conditions for LTCIs should be gradually relaxed. The easiest way to determine if insurance costs are fixed or variable is to look at the policy. Fixed insurance costs are often determined...
by lscuadmin | Sep 19, 2023 | Bookkeeping
If the entries aren’t balanced, the accountant knows there must be a mistake somewhere in the general ledger. Tax accountants overseeing returns in the United States rely on guidance from the Internal Revenue Service. Federal...
by lscuadmin | Sep 18, 2023 | Bookkeeping
Your records will generally show every transaction that happens in the business. This means that every invoice you send and receive, your banking transactions, expenses and everything that goes with them. What is Opening Balance Equity and How to Fix It? A debit is...
