If it is not possible for you to manually count the number of goods, this can be done by estimating the percentage of damaged and outdated goods in order to get more accurate results. The unfit inventory that you have in your stock will obviously make it look like you have goods worth a lot […]
Nonmonetary assets, on the other hand, do not have a fixed rate at which the company can convert them into cash. Typical nonmonetary assets of a company include both tangible assets and intangible assets. Tangible assets have a physical form and are the most basic types of assets listed on a company’s balance what is […]
Do not automatically equate favorable and unfavorable variances with good and bad. By diligently calculating and managing manufacturing costs, companies can enhance cost efficiency, maintain competitiveness, and improve their bottom line. “When a manufacturer begins the production process, the costs incurred to create the products are initially recorded as assets in the form of WIP […]
For example, a ratio of 2.0 means that the company has $2 on hand for every $1 it owes. This is generally good, as it means that the company can easily make payments on any of its debts. However, an excessively high quick ratio might, in some cases, indicate that the company may not be […]
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In construction accounting, you have your accounts receivable and accounts payable, which record cash flowing in and out of your business. While they might sound similar, these shouldn’t be confused with retainage receivable or retainage payable. The percentage of completion method records revenue and expenses when they are earned or incurred and factors in the […]
