Is depreciation an expense on income statement?
Depreciation expense is reported on the income statement as any other normal business expense. If the asset is used for production, the expense is listed ...
Category: General
What is retained earnings on a balance sheet?
Retained earnings are an accumulation of a company’s net income and net losses over all the years the business has been in operation. Retained earnings ma...
Does the fact that the unadjusted trial balance is balanced mean that there are no errors in the accounts?
If the total debits equal the total credits, the trial balance is considered to be balanced, and there should be no mathematical errors in the ledgers. Ho...
What is another synonym for prudent?
Some common synonyms of prudent are judicious, sage, sane, sapient, sensible, and wise. What is the nearly opposite of prudent? incautious, uneconomical, ...
What does a chief school business official do?
Position Summary Under the general direction of the Superintendent, the Chief Business Official (CBO) provides leadership and management over the business...
What might a Favourable fixed overhead spending variance indicate?
Favorable fixed overhead expenditure variance suggests that actual fixed costs incurred during the period have been lower than budgeted cost. Planned busi...
Why do we raise purchase orders?
Purchase orders are used to initiate a transaction with a supplier when a business wants to purchase something. This allows both parties to have matching ...
Why are employees not recorded on the balance sheet as an asset?
By definition, employees are not assets since companies do not have control over them. Workers must convert raw materials – be they commodities or blank c...
Why do managers need management accounting information?
Managerial accounting not only helps to determine and design control measures, it also assists by providing performance reports and control reports that f...
What is LCC in transportation problem?
LCC or the least cost cell method is one of the method in obtaining the most cost efficient or the least cost method of transportation, the allocation beg...
