Responsibility Accounting

esponsibility Accounting & Performance Measurement Playlist Links go points in the video: 0:21 Responsibility Accounting System 9:29 Decentralization 26:08 Performance Evaluation & Department Classifications 31:52 Controllable vs. Uncontrollable Costs 36:49 Direct & Indirect Expenses 44:46 Indirect Expenses Allocation 53:46 Allocation of Occupancy Costs 1:09:21 Departmental Income Statement… Continue reading Responsibility Accounting

Flow of Materials, Labor, & Overhead – Process Cost System

Process cost system will track the costs that go into the production of inventory. Those costs include direct materials, direct labor, and manufacturing overhead. Inventory will first be purchased with a debit to material asset and credit to accounts payable or cash. The materials will then flow through to finished goods. The materials will go… Continue reading Flow of Materials, Labor, & Overhead – Process Cost System

Personal Finances & QuickBooks

Can I track my personal accounting data using QuickBooks? Yes! Is there an easier software to use? No! Why does it seem more difficult to understand personal accounting then business accounting? Because the objective of a business is much clearer; the generation of revenue, while the objective of a life is much messier; the generation… Continue reading Personal Finances & QuickBooks

What are Tax Refunds?

What are Tax Refunds? Tax, Slightly Cynical, Talk Why do business owners have to pay payroll taxes? Note that the content is meant to be educational, only. Explanation: We often learn best with images and with a story, and a story needs memorable characters with strong characteristics. Thinking about tax law and the tax code… Continue reading What are Tax Refunds?

Financial Accounting 3 – Accounting Concepts Continued

Financial Accounting 3 – Accounting Concepts Continued More Info: Financial Accounting # 1 Link – Accounting equation, debits & credits, adjusting entries, closing process, & inventory transactions. Financial Accounting #2 – Inventory Flow (FIFO, LIFO. . . ), Subsidiary Ledgers (AR AP), Cash & Bank Reconciliations, Allowance method (AR), Depreciation Links to points… Continue reading Financial Accounting 3 – Accounting Concepts Continued