Both GAAP and IFRS principle require companies to use NRV in inventory valuation. Knowing your net realizable value is about more than being able to determine the expected selling price of an asset, product, or service. For...
Ver másAn invoice should include all of the details of the sale, including the products or services being sold and the total amount due. To avoid delayed payments and disputes, you should include late fees and processing fees in your...
Ver másThis can be particularly important for small business owners, who have less room for error. If product and period costs are overstated or understated, or not recorded at all, your financial statements will be wrong as well....
Ver másBookkeepers can retake CPB and CB certification exam sections as needed. Test-takers redoing the first or second part of the AIPB exam qualified bookkeeper must wait 30 days between attempts. The first two parts of AIPB’s...
Ver másA debit will be made to the bad debt expense for $4,000 to balance the journal entry. Although the accounts receivable is not due in September, the company still has to report credit losses of $4,000 as bad debts expense in its...
Ver másBusiness owners are not allowed to claim their personal, non-business expenses as business deductions. However, if expenses are cut too much it could also have a detrimental effect. For example, paying less on advertising...
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