Contingent Liability How to Use and Record Contingent Liabilities
In this case, the company needs to account for contingent liability by making proper journal entry if the potential future cost is probable (i.e. likely to occur) and its amount can be reasonably estimated. If the contingent loss is remote, meaning it has a less than 50 percent chance of occurring, the liability should not…
Read More27 Accounting Blogs Modern Accountants Should Follow
Here is a list of 10 great accounting blogs that are worth reading. With podcasts, webinars, and many other resources, you can educate yourself on various topics from taxes to practice management. Many businesses faced significant financial strain during the pandemic. Accounting firms advised their clients on managing cash flows more effectively, ensuring financial stability…
Read MoreAbsorption Costing vs Variable Costing: What’s the Difference?
Subtract gross sales from cost of goods sold to calculate the gross margin. The different methods of costing used in a manufacturing business, result in variations in the format of income statements. Full absorption costing–also called absorption costing–is an accounting method that captures all of wpc quantitative precipitation forecasts the costs involved in manufacturing a…
Read MoreHow Much Do Giant Pandas Cost? Explained
All Giant Pandas (even those in the Zoos) are owned by the People’s republic of China. To many people, they are the most adorable and cute animals that walk the earth. They are also open for symbolic adoptions just like the pandas, which starts at the value of $50. Then give it a good drink,…
Read MoreHow to Escape a Death Spiral, in Aviation and Health Care
The first step in avoiding a death spiral is regularly monitoring your company’s financial health. This includes keeping track of your revenues, expenses, cash flow, and debt levels. By keeping a close eye on your finances, you can identify any warning signs early and take action to address them. No, a death spiral can occur…
Read More6 1 Absorption Costing Managerial Accounting
Depending on the type of business structure, small businesses may also be required to use absorption costing for their tax reporting. This is not right because fixed costs remain the same regardless of the units produced. In the article about income statements under marginal cost, we discussed that marginal costs give a higher net profit…
Read MoreTopic no 751, Social Security and Medicare withholding rates Internal Revenue Service
Your company sends the money, along with its match (an additional 7.65% of your pay), to the government. In this article, we’ll discuss what FICA taxes are, how they’re applied and who’s responsible for paying them. Businesses with employees have a number of responsibilities when it comes to small-business taxes. The federal income tax is…
Read MoreWhat Is Accounting? Definition, Objectives, Advantages, Limitation, Process
Essentially, any information that may be useful to management falls underneath this umbrella. Accounting is the process of keeping track of all financial transactions within a business, such as any money coming in and money going out. It’s not only important for businesses in terms of record keeping and general business management, but also for…
Read MoreDeath spiral insurance Wikipedia
Feelings of being overwhelmed and impotent come up as I observe the situation of the planet and society, and I realize how powerful having a meaning is in that it gives you a sense of agency. Substantially lowered visibility leaves them needing clarification and direction, and for that their instruments are essential. But in very…
Read MoreRed Pandas for Sale
And now you know, why so few zoos outside of China keep pandas. Renting one from the Chinese government costs $1,000,000 annually. If that wasn’t enough how to read stock charts for beginners you would need to spend $75,000 a year on bamboo so that your pet has something to eat. Additional costs occur for…
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