Value-added tax in Vietnam is a broadly based consumption tax assessed on the value added to goods and services arising through the process of production, circulation, and consumption. It’s an indirect tax in Vietnam on domestic consumption applied nationwide rather than at different levels such as state, provincial or local taxes. It is a multi-stage tax which is collected at every stage of the production and distribution chain and passed on to the final customer. It is applicable to the […]
As one of the three main financial statements, the CFS complements the balance sheet and the income statement. The cash flow statement is the third of the required financial statements for all public companies. The others being the income statement and balance sheet, and all are mandatory since 1987. Your company’s financial health depends on your ability to generate future cash flows from operations. The cash basis of accounting, (more…) […]
When the item is sold on Wednesday FIFO records the cost of goods sold for those items as $5. So, the balance sheet has the cost of goods sold at $1 and the balance sheet retains the remaining inventory at $5.50. LIFO stands for last-in, first-out, meaning that the most recently produced items are recorded as sold first. The difference between the cost of an inventory calculated under the FIFO and LIFO methods is called the “LIFO reserve.
This method is based on the premise that the firs […]
Revenue and profit are both good signs for your business, but they’re not interchangeable terms. Conquer paperwork in the office and put tools like time tracking, PTO, and more on the job site with one easy-to-use, mobile-ready HR system. To find the net profit of your business, here are a few simple steps. International Financial Reporting Standards are a set of accounting rules currently used by public companies in 166 jurisdictions. In the other states, the program is sponsored by Comm […]
The border style and border color are assigned here. This is also the location for the selection options. The user may elect whether the prebill should be selected when the matter or consolidation has A/R Activity, A/R Balance, No Details or Trust Balance. Using Styles in a bill’s design allows a user to completely change the look of a bill format in seconds, simply by modifying the style.
Right-click on the Component Tab and select the attachment from the list. Click and drag your mouse cur […]
Add total variable and fixed expenses and you have the total SG&A forecasted budget. Classify your expenses first into fixed and variable and next into selling, general, or administrative expenses. Administrative expenses are the costs an organization incurs not directly tied to a specific function such as manufacturing, production, or sales. Cutting the cost of goods sold can be tough to do without damaging the quality of the product. Cutting operating expenses can (more…) […]
Depending on the type of corporation, some states require the inclusion of “Inc.” or “Incorporated.” The charter also includes the name of the authorized agent. No matter the location, a corporation must have a designated registered agent who serves as the authorized receiver of important legal documents for the corporation. Basic features of a corporation charter include the name of the business, the names of the individuals designated to serve on the initial board of d […]
This figure should include your total credit sales, minus any returns or allowances. You should be able to find your net credit sales number on your annual income statement or on your balance sheet. Dr. Blanchard is a dentist who accepts insurance payments from a limited number of insurers, and cash payments from patients not covered by those insurers. His accounts receivable turnover ratio is 10, which means that the average accounts receivable are collected in 36.5 days. Making sure your comp […]
The guidelines are outlined in the generally accepted accounting principles , which all publicly traded companies in the U.S. have adopted. Professionals pursuing accounting careers should understand the overlaps between financial accounting and managerial accounting.
While the focus of managerial accounting is internal, the focus of financial accounting is external, with a focus on creating accurate financial statements (more…) […]
There are different formulas—meaning, different ratios—you can use according to which financial statement you’re analyzing. Liquidity ratios show the ability to turn assets into cash quickly. However, like all other ratios, the metric has to be analyzed in terms of industry norms and company-specific requirements. The numbers contained in financial statements need to be put into context so that investors can better understand different aspects of the company’s operations. Ratio anal […]
