Standard costing and basic variance calculations should be familiar from earlier studies. However, due to various factors like machine inefficiencies or quality issues, the factory actually produces only 920 bottles from 1000 liters of raw juice during a specific period. Let’s consider a practical example of yield variance in a factory that produces bottled fruit […]
You must fall under one of a few specific categories in order to claim this deduction, though, due to the TCJA tax changes. Many people don’t realize that all of these factors are dependent on whether you’re a 1099 contractor or a W-2 employee. But when we get down to the details, there are a lot […]
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How will she know if her suggestions for pricing are creating more shipping contracts and helping to meet the company’s goal? The main function of any good managerial accounting team is to support its company with accurate, relevant, and timely information. This information is important for ensuring decision-makers know everything they need to know to […]
Retained earnings are profits that have been earned by a company but not distributed to shareholders in the form of dividends. Instead, these profits are kept in the business and used for various purposes, such as reinvesting in the company or paying off debt. Shaun Conrad is a Certified Public Accountant and CPA exam expert […]
One of the key steps in cost-traceability analysis is to allocate costs to specific activities or products that consume the resources of the organization. Cost allocation methods are the techniques used to assign costs to different cost objects, such as departments, projects, customers, or products. Cost allocation methods can have different objectives, such as improving […]
When factoring in seasonality, be sure to reference your sales and lead times from previous years. As you can probably tell, the best marketing decisions and supplier selections aren’t enough if your company’s demand forecasts are wrong. Demand planning is the process of estimating how much of a good or service customers will buy from […]
While Xero’s entry-level plan seems like the better deal when compared to QuickBooks, limitations on invoices and bills make it suitable for very small businesses or freelancers. Xero also doesn’t have some built-in features that you’ll find with QuickBooks, including payroll (although Xero integrates with Gusto) or payment processing. For the full feature set, you’ll […]
On the other hand, the company can make the journal entry for underapplied overhead by debiting the cost of goods sold account and crediting the manufacturing overhead account. At the end of the accounting period, the balance (whether it’s underapplied or overapplied) is usually cleared out to zero by adjusting the cost of goods sold […]
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