Job Costing
Job costing is one of the forms of cost accounting. It is used in conjunction with financial accounting to alert management about profitability with production. A common thread that binds job costing is a signed contract.
Business Principles
Basic business principles are used by almost all business operations from start-up’s to long lived corporations. There are three levels: 1) tenets, universally unbreakable rules; 2) principles, widely used rules but not pure with all industries; 3) standards, sector/industry wide norms used to comply or gauge performance.
QuickBooks Online – An Accountant’s Review: ‘D+’
The first time I used QuickBooks, it was the DOS version. That was over 20 years ago. Today, there are a multitude of versions for QuickBooks. QuickBooks Online doesn’t measure up to Intuit’s Enterprise versions. It isn’t even close. There are many issues the Online version has and thus the end reporting function is limited. However, there are a few interesting advantages. This accountant’s review helps the reader to understand the advantages and issues the Online version has.
Job Costing Reports – Introduction (Part 1)
Job costing reports are management tools used to evaluate project or production performance against a known or estimated standard. They are used in many business sectors and their respective industries. The primary purpose of job costing reports is to identify discrepancies or beneficial results, usually in the form of financial values. They can be used to report both financial and numerical production outcomes.
Business Principles – A Pyramid of Levels
There is no universal finite set of business principles. In the aggregate, there are over several hundred of them. Many of them are not applicable to every industry, on the contrary, many are specific to a unique business or industry. The best approach to understanding business principles is to look at this in a holistic manner, i.e. overall doctrine down to a few rules specifically designed for that one business.
Purchase Orders – Introduction to Fundamentals
Purchase orders are requests to a seller to provide a certain product or service. Purchase orders are a business tool to control both physical and financial outcomes related to operational activities. For publicly traded entities, they are required as a function of internal controls to minimize defalcations.
Journals and Ledgers
Accounting is the process of recording economic activity and organizing this information in a format to inform owners about financial results. It all begins with the journals and ledgers. The initial entry is recorded in one of many journals and then transferred to the respective ledgers where the data is summed and reported to the management team. This article explains how journals and ledgers relate to each other and how the end results are organized.
Class Accounting With QuickBooks
Class accounting is one of the options available with QuickBooks software. Most accountants and bookkeepers misunderstand its purpose and how to properly implement this wonder tool of accounting. If you are considering using class accounting and want to have a full comprehensive understanding, this is the article for you.
Subcontractor Documentation
Similar to documentation required for hiring an employee, companies must acquire certain documentation from their subcontractors. Without this documentation, most likely the hiring business entity will face stiff penalties and expose their company to unnecessary risk.
Labor Burden Rate – Introduction and Understanding
Labor burden refers to the additional costs an employer pays to have employees. The labor burden rate is a value added onto direct wages to understand the actual cost per unit of wages paid for an employee.
Pooling of Costs – Basic Understanding
Pooling of costs is an accounting trick used to facilitate better matching of costs against the respective revenue stream or predicted cost for the respective product or function.