Author: Anfisa Dmitrieva

A correlation of -0.97 is a strong negative correlation while a correlation of 0.10 would be a weak positive correlation. A low Pearson correlation coefficient does not mean that no relationship exists between the variables. To check for nonlinear re…

A debit increases accounts receivable, which is an asset account. Unlike an asset account, sales revenue is increased by a credit. For example, assume your small business sold $100 in products to a customer who will pay the invoice at a later date. D…

Accountants must make specific journal entries to record purchase discounts. When a buyer pays the bill within the discount period, accountants debit cash and credit accounts receivable. Another part of the entry debits purchase discounts and credits…

The work they provide isn’t directly related to producing a product. Many employees receive fringe benefits—employers pay for payroll taxes, pension costs, and paid vacations. These fringe benefit costs can significantly increase the direct labor hou…

To account for a return, reverse the revenue and cost of the good recorded in the original sale. You reverse the accounts by using debits and credits. No matter how great your products are, not every customer is going to be satisfied….

Notice that only credit sales of inventory and merchandise items are recorded in the sales journal. Cash sales of inventory are recorded in the cash receipts journal….

Every accountant, at whatever level, should have a general understanding of basic bookkeeping, in addition to more complex understanding of areas like auditing, payroll, financial reporting, and (of course) taxes. Even if you’ve worked your way to th…

The organization is required to have a minimum of 20 employees and a payout of Rs 36 lakhs with an average salary per account of Rs per month. It is a zero balance salary account so that you don’t need to maintain minimum balance in the account. Empl…

The cost of labor is the sum of each employee’s gross wages, in addition to all other expenses paid per employee. Other expenses include payroll taxes, benefits, insurance, paid time off, meals, and equipment or supplies. Once the total overhead is a…

A non-exempt employee is not exempt from FLSA regulations, rules and requirements. Non-exempt employees need to receive the state or federal minimum wage (whichever rate is higher) and overtime pay at not less than one-and-a-half times their hourly p…