by pmd-engine | Jun 30, 2023 | Bookkeeping
These obligations are eventually settled through the transfer of cash or other assets to the other party. When presenting liabilities on the balance sheet, they must be classified as either current liabilities or long-term liabilities. A liability is classified as a...
by pmd-engine | Feb 22, 2023 | Bookkeeping
The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. An example on the other end of the spectrum is the Utilities...
by pmd-engine | Jun 4, 2021 | Bookkeeping
The third transaction, company disburses $ 500 to pay for the utilities which is the expense on income statement. The journal entry is debiting utility expense $ 500 and credit cash on hand $ 500. When the company used cash to pay for purchases immediately, it will...
by pmd-engine | Jul 16, 2021 | Bookkeeping
The cost principle is even less applicable under International Financial Reporting Standards, which not only permits revaluation to fair value, but also allows you to reverse an impairment charge if an asset subsequently appreciates in value. In general, the drawbacks...
by pmd-engine | Apr 7, 2023 | Bookkeeping
If a retailer must build shelving or incur other costs to display the inventory, the expenses are inventoriable costs. Sales are defined as the dollar amount parts and sizes of waves of goods and services you sell to customers. The COGS includes all costs that are...
