Bookkeeping

The platform’s reporting suite is among the most powerful we encountered while reviewing accounting software. On top of that, we were disappointed that Xero’s expense-tracking tools are only available with…

This means you are preparing all steps in the accounting cycle by hand. In this chapter, we complete the final steps (steps 8 and 9) of the accounting cycle, the…

Businesses may reject a postdated check as a form of payment — and this is well within their legal right. You should clear it with your bank and your payee…

The Medicare rate of 1.45% is paid by wage earners on income currently up to $200,000 for individuals. For income above that, they pay an additional Medicare tax of 0.9%.…

Contest the Appraisal If a home under appraises, there is always the option to contest the appraisal. While this option is often ineffective, having a local real estate market expert,…

Revenue is the increase in net assets arising from the principal activities of the business. Liabilities also include revenue received in advance because it obligates a business to deliver a…

Well, we’ll need to put the air conditioner in a fixed environment where the indoor condition again is 27°C dry bulb with 19°C wet bulb, but this time the outdoor…

EPS is a financial ratio, which divides net earnings available to common shareholders by the average outstanding shares over a certain period of time. The EPS formula indicates a company’s ability…

Individuals benefit from prepaid expenses to make sure they will not miss payments for things like health insurance. Prepaid insurance refers to premiums for insurance that are paid in advance.…

Interest on drawings Charging interest on drawings is a means of discouraging partners from withdrawing excessive amounts from the business. From this, it follows that interest on drawings is a…