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Is depreciation a direct cost?
The direct labor and direct material costs used in production are called cost of goods sold (COGS). Typically, depreciation and amortization are not inclu...
Jan 01, 2026 0 views
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Is net income on the cash flow statement?
Net income is carried over from the income statement and is the first item of the cash flow statement. Net cash flow from operating activities is calculat...
Jan 01, 2026 0 views
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What is the meaning of sales account?
A sales account contains the record of all sales transactions. This includes both cash and credit sales. The sales account concept can also refer to a cur...
Jan 01, 2026 0 views
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Which journal is used to record disbursements?
cash disbursements journal The cash disbursements journal (or cash payments journal) is an accounting form used to record all cash outflows. Some examples...
Jan 01, 2026 0 views
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What accounts do you close in closing entries?
In accounting, we often refer to the process of closing as closing the books. Only revenue, expense, and dividend accounts are closed—not asset, liability...
Dec 31, 2025 0 views
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Why separate a capital budget from an operating budget?
State and local governments often use separate capital and operating budgets because they are legally required to balance their operating budgets. Separat...
Dec 31, 2025 0 views
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What is balance sheet and purpose of balance sheet?
A balance sheet is a summary of all of your business assets (what the business owns) and liabilities (what the business owes). At any particular moment, i...
Dec 31, 2025 0 views
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How are purchases recorded in the general ledger?
The amounts are posted as credits to suppliers’ accounts in the accounts payable ledger. At the end of each month, the purchases journal totals are used t...
Dec 31, 2025 0 views
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How do you Journalize a loan with interest?
To record a periodic loan payment, a business first applies the payment toward interest expense and then debits the remaining amount to the loan account t...
Dec 31, 2025 0 views
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What is the purpose of financial management what is the difference in perspective between finance and accounting?
Accounting involves reporting past financial transactions in the meaningful form of financial statements whereas financial management involves planning ab...
Dec 31, 2025 0 views
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How do you record accrued tax expense?
Recording an Accrued Expense Benefit liability incurred and there is no supplier invoice as of month-end: Debit to employee benefits expense, credit to ac...
Dec 31, 2025 0 views
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What is the difference between final accounts and financial statements?
The primary financial statements are the income statement, balance sheet, and statement of cash flows. A final account, or final accounting, can also be t...
Dec 30, 2025 0 views
