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In general, the higher the markup, the more revenue a company makes. Markup is the retail price for a product minus its cost, but the margin percentage is calculated differently. In our earlier example, the markup is the same as gross profit (or $30), because the revenue was $100 and costs were $70. Xero does … Continue reading “Margin vs markup: Profit Margin vs Markup: What’s the Difference?”
Activity-based costing also de-emphasizes direct labor as a cost driver and concentrates instead on activities that drive costs, as the provision of a service or the production of a product component. In the late 1980s, accounting practitioners and educators were heavily criticized on the grounds that management accounting practices (and, even more so, the curriculum … Continue reading “Managerial accounting: Management Accounting & Functions”
For example, a manufacturer of made-to-order furniture would likely employ job costing. The last-in-first-out (LIFO) inventory valuation method is the opposite of the FIFO approach. Getting expert tax and accounting advice is worthwhile for virtually every business. A Certified Public Accountant (CPA) with experience in your industry can provide valuable financial insight and ensure you … Continue reading “Manufacturing accounting: Your guide to accounting for manufacturing businesses”
As with completeness, auditors use cut-off to determine transactions are recorded within the proper accounting period. Cut-off has special significance when reviewing payroll and inventory levels. Businesses and nonprofits regularly prepare their balance sheet, income statement, etc. at the end of an accounting period to provide a clear, correct, and complete record of their financial … Continue reading “Management assertions: Understanding Management Assertions Practically!”
Finance Strategists is a leading financial literacy non-profit organization priding itself on providing accurate and reliable financial information to millions of readers each year. The furniture’s salvage value is zero, and it is decided to provide depreciation @ 10% p.a. Importantly, depreciation should not be confused with an asset’s market value. Any decrease in the … Continue reading “Journal entry for depreciation: Depreciation Journal Entry Step by Step Examples”
Multiple items of similar nature can be grouped, such as books, clothing, and decorations. However, try to be specific when possible since this receipt serves as the donor’s record for the noncash donation. For stock donations, the number of stock shares as well as the company name should be reported. Contact us now for professional … Continue reading “Irs receipts requirements: Travel Receipts: Reimbursement Requirements”
The important thing is to make a strategic decision in respect to that issue, reducing your liability, and protecting your bank account as much as possible. Just enter your email address and we’ll send you the PDF of this guide for free. Although IRS audits are rare, responding to them timely is critical. You can get expert … Continue reading “Irs audit: IRS Audit Process Timeline 2022: How Long Procedures Take”
That said, invoice financing tends to be a more affordable option than invoice factoring. It also gives you more control over your company’s image, since you can give your customers more time to pay instead of having to ask for payment immediately. And you’ll also end up collecting money directly from them whenever they settle … Continue reading “Invoice financing: Invoice Financing For Small And Medium Businesses”
