What is Accounting and Why it Matters For Your Business
Financial accounting refers to the processes used to generate interim and annual financial statements. The results of all financial transactions that occur during an accounting period are summarized in the balance sheet, income statement, and cash flow statement. The financial statements of most companies are audited annually by an external CPA firm. Different types of accounting cater to […]
Journal Entry for Net Assets Released from Restrictions
By leveraging unrestricted assets effectively, organizations can strategically allocate resources to drive innovation, implement growth strategies, and seize opportunities. Unlike restricted funds, which are subject to specific donor-imposed conditions or external restrictions, net assets provide the organization with the flexibility and autonomy to allocate resources as deemed necessary. Unrestricted net assets are the asset (current […]
Total Manufacturing Cost: 100% Comprehensive Guide with Formula and Examples
Through our design and development and NPI processes, we take your idea and make it a reality by turning it into a marketing leading product. Total manufacturing cost is a useful metric in its own right, as we will see shortly. However, it also informs another critically important KPI, namely, the Cost of Goods Manufactured […]
Publication 463 2023, Travel, Gift, and Car Expenses Internal Revenue Service
For more information on these and other travel expenses, refer to Publication 463, Travel, Entertainment, Gift, and Car Expenses. The IRS advises keeping tax records for three years from the date you filed your return or two years from the date the tax was paid, whichever is later. However, if you underreported your income by […]
How to Fill out a Rent Receipt with Example
Now, if you want more clarity on all the products you sell, you can have a different serial number on the invoices for different products. For example, when cataloging the chairs, you can use Ch, and for loungers, you can use Lg, etc. On all the receipts you create, don’t forget to number them chronologically. […]
