It is treated as a liability because the revenue has still not been earned and represents products or services owed to a customer. As the prepaid service or product is gradually delivered over time, it is recognized as revenue on the income statement. Unearned revenue is a crucial concept for businesses and individuals alike. It https://www.quick-bookkeeping.net/ […]
Category Archives: Bookkeeping
In accordance with accrual accounting reporting standards, the net income metric is the revenue left over once all operating and non-operating costs have been accounted for. The disadvantage of net income is that it shows only the company’s short-term performance. If this figure is a factor that uses by Board as the performance measurement for […]
You can then select the fairest selling price for your item by using this price point in addition to other factors like competitor prices. In other words, you need a solid pricing strategy that aptly evaluates your products’ prices. This post helps us learn about selling prices and many other related concepts. Here we have […]
If 0.75 FTE is considered full-time in a company, such employees may qualify to apply for the Public Service Loan Forgiveness (PSLF) program, as stated above. With the required inputs in place, we can arrive at approximately 52.40 FTEs by dividing the total hours worked by all employees by the total number of available work […]
Corrections to any of the six errors mentioned above will affect the suspense account. (2)Rates expense of $500, paid in cash has been debited to the rent account in error. This occurs where the wrong amount is posted to both accounts https://home4cars.com/Trailer/ although the accounts to which entries were made are correct. It arises when […]