The grouping process (group technology) involves identifying items with similarities in design characteristics or manufacturing characteristics, and grouping them into part families. Design characteristics include size, shape, and function; manufacturing characteristics or process characteristics are based on the type and sequence of operations required. In many cases, though not always, the two kinds of characteristics […]
Note that transactions may take a few days to clear, so the transaction date in your financial records may not precisely match the date on your bank statement. Investigate the source of the discrepancies and make the necessary adjustments to the accounting records or the bank statement. Highlight any discrepancies between the two sets of […]
The importance of internal control when it comes to fraud prevention can not be overstated. While it is true that no system is perfect, and therefore guarantee total protection against fraud, a thorough system of internal control measures significantly reduces fraud risk overall. Internal controls accounting aims to manage financial practices efficiently. gym bookkeeping It […]
A perpetuity is a financial instrument that offers a stream of cash flows in perpetuity or without end. Unlike other bonds, perpetuities don’t have a fixed maturity date but they continue paying interest indefinitely. The technical definition of WACC is the required rate of return for the entire business given the risks to investors of […]
Jump, Inc. is a sports footwear startup which currently sells just one shoe brand, A. The sales price is $80, variable costs per unit is $50 and fixed costs are $2,400,000 per annum (25% of the which are manufacturing overhead costs) . Companies can use the contribution margin to identify which prices are required to […]
Your list should include purchases, withdrawals, deposits and bank charges. Basically, track any activity that has passed through your bank account for the month you are balancing. If your adjusted bank balance and adjusted check register balance do not match, a discrepancy needs to be resolved. You should re-verify that all outstanding items have been […]
Furthermore, the income statement also presents these expenses under different sections. It categorizes those expenses depending on the type of profits they help calculate. Yes, a company can report a high operating income while still incurring an overall loss. This situation arises when non-operational expenses, such as budgeted operating income interest, taxes, or extraordinary charges, […]
You could schedule some time to discuss outstanding items and any questions or concerns they might have, so everyone’s on the same page. But, if you standardise how you collect data – with a single system or process – you don’t need to spend as much time typing up transaction details or emailing clients. Start […]
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