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The statement of operations is one of the three primary financial statements used to assess a company’s performance and financial position (the two others being the balance sheet and the cash flow statement). The statement of operations summarizes a …
The purpose of the cash flow statement is to show where an entities cash is being generated (cash inflows), and where its cash is being spent (cash outflows), over a specific period of time (usually quarterly and annually). It is important for analyz…
Functional reporting provides a tool used to determine if the nonprofit is using its resources efficiently. One of the main financial statements of a nonprofit organization. This financial statement reports the revenues and expenses and the changes i…
Convergence proponents assert that a single set of standards would make it easier and more cost-effective for large multi-national corporations to report using one set of financial reporting standards for all countries. They believe it would make fin…
In the US, withholding by employers of tax on wages is required by the federal, most state, and some local governments. Taxes withheld include federal income tax, Social Security and Medicare taxes, state income tax, and certain other levies by a few…
Rule 102 of the Accountancy Rules also provides that a Notice to Schedule (“NTS”) for the CPA examination is valid for six months after it is issued. Pursuant to the Proclamation, the Board Staff shall be entitled, in its discretion, to extend any un…
Systems of Measurement: there are two main systems of measurement in the world: the Metric (or decimal) system and the US standard system. The US Standard system uses units that have no predictable relationship to each other. For example, there are …
To calculate the standard cost of direct materials, multiply the direct materials standard price of $10.35 by the direct materials standard quantity of 28 pounds per unit. The result is a direct materials standard cost of $289.80 per case….
A stake is a vital interest held by someone either inside or outside the business and can include ownership interests, legal obligations and moral rights. Examples of stakeholders include shareholders, employees, customers, suppliers, governments, ot…
The difference between the prices of the two contracts would be cash settled in the investor’s brokerage account, and no physical product will change hands. However, the trader could also lose if the commodity’s price was lower than the purchase pric…
