Accounting

Introduction In the intricate realm of business operations, understanding the concept of Variable Cost is paramount to achieving sustainable success. As you delve into the world of enterprise...

Introduction to prepaid expenses Prepaid expenses are expenditures made in advance for goods or services your organization will receive or consume in the future. Doesn’t it seem like...

Introduction “Constantly take inventory of what's important to you.” – Dave Chappelle Effective inventory management is crucial for enterprises to stock suitable raw materials and meet market demands....

Introduction Like a musical ensemble, managing bills payable in business finance requires careful timing and coordination. Some vendor payments have upcoming due dates, while others aren't urgent. As a...

Introduction to payroll expense Payroll, the one word with two syllables, is an intrinsic part of any business. Simply put, Payroll = pay the roll  (list of employees)...

Introduction to explicit cost Explicit cost or explicit expense refers to a tangible and quantifiable expenditure resulting in a cash outflow from a company's financial records. It helps...

Introduction A prime cost is directly incurred when an enterprise produces a good or service. Organizations can use these expenses to calculate the contribution margin. It helps determine...

Introduction A provision is a sum of money set aside by a company to pay for potential expenses or liabilities. Savings and provisions in accounting have distinct meanings....

Introduction A comparative balance sheet is a critical asset that helps businesses assess their financial health and track progress over time. As an invaluable tool, it provides a...

Introduction Managerial accounting is a critical aspect of financial management within organizations. It helps with managerial decision-making through a series of steps in financial information that include: Identification...