Top 5 Careers in Accounting According to the United States Bureau of Labor Statistics, Accounting is a growing field for anyone wanting to establish a career over the next 10 years. Bubbles are bursting, tax laws are changing, companies and corporations closing and new fields are opening. Some areas of accounting are growing faster, some […]
Understanding and designing your Chart of Accounts in QuickBooks
The Chart of Accounts is the starting place for any accounting system, including QuickBooks, because it is here that each General Leger Account is defined. From here, you can quickly learn where the money is, where it came from and where it’s gone to. The Chart of Accounts in QuickBooks As illustrated below, the Chart […]
What is Deferred Expense
What is Deferred expense A deferred expense is a cost that has already been incurred, but which has not yet been consumed. The cost is recorded as an asset until such time as the underlying goods or services are consumed; at that point, the cost is charged to expense. A deferred expense is initially recorded […]
what is Average cost method
what is Average cost method Average costing is the application of the average cost of a group of assets to each asset within that group. For example, if there are three widgets having individual costs of $10, $12, and $14, average costing would dictate that the cost of all three widgets be treated as though […]
How to account for leasehold improvements
How to account for leasehold improvements Leasehold improvements are defined as the enhancements paid for by a tenant to leased space. Examples of leasehold improvements are: Interior walls and ceilings Electrical and plumbing additions Built-in cabinetry Carpeting and tiles Also Read: 4 Different Types of Commercial Lease How Motivation Affects Behaviour in Organisations? Leasehold improvements […]