Revaluation Wikipedia

Further, the provision against upward restatement ensures conservative valuation. For most companies, the carrying value of assets is the book value after netting out any accumulated depreciation. The carrying value of an asset may be adjusted to the fair value after the depreciation period has ended. Generally, the decision to record an asset’s carrying value […]

What is QuickBooks® How Does it Work? Official Site

The payroll add-on calculates payroll automatically as often as you want. Three plans give your business the scalability to grow over time and add features as necessary. The Core plan offers everything a small to midsize business would need to get started, while Premium and Elite plans enable options such as same-day direct deposit and […]

The sales discount account is a contra-account to Accounts Receivables True False

Credit Cash in Bank if a sales return or allowance involves a refund of a buyer’s payment. The net Revenue balance on an income statement is calculated as gross Revenue minus all contra-revenue items like Sales Returns, Allowances and Discounts. Sales discounts are not technically expenses because they actually reduce the price of a product. […]

What is a credit memo?

An account payable shows a credit balance based on how much a company owes a supplier. When products or services are purchased on credit, the accounts payable account balance increases. Sellers can also issue debit notes to request additional payment if a buyer was mistakenly undercharged on a previous invoice. They can also be used […]

50 Common Accounting Abbreviations

The unsold assets of a company that were purchased to be sold to customers. T&E expenses appear under the expense section of the Income Statement. This expense category includes spending for business travel and entertaining clients. The Balance Sheet or Statement of Financial Position details the Total Assets, Liabilities, and Equity as of a specific […]

Invoice Payment Terms & Conditions Types of Payment Terms

Content Don’t include cash sales in the accounts receivable balance Metrics other than DSO to consider Are net 30 terms right for your business? Turn your outstanding invoices into cash Make Payment Periods Shorter Build customer loyalty When it comes to 2/10 net 30, it’s important to weigh whether paying your bills within that 10-day […]