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13 Traditional Costing System Advantages Disadvantages

The break-even point—which is the production level where total revenue for a product equals total expense—is calculated as the total fixed costs of a company divided by its contribution margin. While cost accounting is often used by management within a company to...

When are expenses credited?

Whenever cash is received, the asset account Cash is debited and another account will need to be credited. Since the service was performed at the same time as the cash was received, the revenue account Service Revenues is credited, thus increasing its account balance....

Asset accounts definition

The current ratio is the most accommodating and includes various assets from the Current Assets account. These multiple measures assess the company’s ability to pay outstanding debts and cover liabilities and expenses without liquidating its fixed assets....

Chart of Accounts Definition, How to Set Up, Categories

Many different factors can affect the timing of a refund after the IRS receives a tax return. Although the IRS issues most refunds in less than 21 days, the IRS cautions taxpayers not to rely on receiving a 2023 federal tax refund by a certain date, especially when...