Under the accrual method of accounting, this account reports the employer’s expense for the company’s 401(k) plan associated with the employees in the warehouse department during the period indicated in the...
Under the accrual method of accounting, this account reports the employer’s expense for the company’s 401(k) plan associated with the employees in the warehouse department during the period indicated in the...
Under the accrual method of accounting, this account reports the employer’s expense for the company’s 401(k) plan associated with the employees in the delivery department during the period indicated in the...
This current liability account reports the amount a company owes (is required to remit) for its employees’ 401(k) program as of the date of the balance sheet.
Under the accrual method of accounting, this account reports the employer’s portion of the Social Security and Medicare tax that pertains to the period indicated in the heading of the income statement, whether or...
Under the accrual method of accounting, the account Unemployment Tax Expense on Warehouse reports the unemployment tax expense the company has incurred for the employees in the warehouse during the period indicated in...
Under the accrual method of accounting, this account reports the amount of wages that the warehouse employees have earned during the accounting period indicated in the heading of the income statement. Because wages are...
Under the accrual method of accounting, this account reports the employer’s portion of the health insurance cost incurred by the company during the period indicated in the heading of the income statement, whether...
Under the accrual method of accounting, this account reports the amount of holiday pay, vacation pay, and sick day pay that the warehouse employees have earned during the accounting period indicated in the heading of the...
A symbol that represents 1000.
Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...
The annual report to the Securities and Exchange Commission (SEC), a U.S. government agency. The Form 10-K must be filed by corporations whose stock is publicly-traded on a U.S. stock exchange. The report contains the...
What is Form 10-K? Author: Harold Averkamp, CPA, MBA Definition of Form 10-K Form 10-K is a required annual report filed with the U.S. Securities and Exchange Commission (SEC) by U.S. corporations whose common stock is...
What is zero-based budgeting? Author: Harold Averkamp, CPA, MBA Definition of Zero-Based Budgeting Zero-based budgeting, or ZBB, is a rigorous budgeting process that requires that every dollar of every expense in the...
Why isn't land depreciated? Author: Harold Averkamp, CPA, MBA Definition of Land The land that is used in a business (as opposed to land that is an investment, or land that will be sold by a real estate developer) is a...
What is a defined contribution pension plan? Author: Harold Averkamp, CPA, MBA A defined contribution pension plan is one in which the employer contributes an amount into each eligible employee’s account within an...
What is Construction Work-in-Progress? Author: Harold Averkamp, CPA, MBA Definition of Construction Work-in-Progress Construction Work-in-Progress is a noncurrent asset account in which the costs of constructing...
A phrase used to communicate the total compensation of a salaried employee. Fringe benefits (health insurance, vacation days, sick days, employer matching of Social Security and Medicare taxes, pension or 401-k...
Is depreciation expense an administrative expense? Author: Harold Averkamp, CPA, MBA Definition of Depreciation Expense Depreciation expense is the systematic allocation of a depreciable asset’s cost to the accounting...
Are direct costs fixed and indirect costs variable? Author: Harold Averkamp, CPA, MBA Direct Costs vs. Indirect Costs The terms direct costs and indirect costs could be referring to a product, a department, a machine,...
What is a mortgage loan? Author: Harold Averkamp, CPA, MBA Definition of Mortgage Loan A mortgage loan is a loan associated with the purchase of real estate, such as a home or buildings used in a business. As part of the...
How do I determine my payroll tax liabilities? Author: Harold Averkamp, CPA, MBA Your payroll tax liabilities will include the following: Federal, state, and local income taxes withheld from employees’ wages, salaries,...
Our Explanation of Payroll Accounting discusses the taxes and benefits which are withheld from employees' pay as well as the taxes and benefits that are expenses for the employers. Also provided are examples of the...
Is depreciation an operating expense? Author: Harold Averkamp, CPA, MBA Depreciation Could Be Either an Operating Expense or a Non-operating Expense Depreciation is an operating expense if the asset being depreciated is...
Why are some expenses deferred? Author: Harold Averkamp, CPA, MBA Definition of Deferred Expenses Under the accrual basis of accounting, an expense is a cost that is used up, has expired, or is directly related to...
Is a prepaid expense recorded initially as an expense? Author: Harold Averkamp, CPA, MBA Definition of Prepaid Expense A prepaid expense refers to an amount that a company has paid and a portion or all of it will be an...
Why is interest expense a nonoperating expense? Author: Harold Averkamp, CPA, MBA Definition of Interest Expense as a Nonoperating Expense Interest expense is the cost of borrowing money. For most companies the borrowing...
With regard to depreciation, what does the term mid-month convention mean? Author: Harold Averkamp, CPA, MBA Definition of Mid-Month Convention In depreciation, the mid-month convention means that an asset placed into...
Our Explanation of Income Statement helps you learn the most important features of a corporation's income statement (also known as the statement of operations or profit and loss statement). We provide more understanding...
Improving Profits Quiz and Test | AccountingCoach Improving Profits(Practice Quiz) Download PDF Author: Harold Averkamp, CPA, MBA For multiple-choice and true/false questions, simply press or click on what you think is...
The amounts withheld for employees’ checks for Social Security tax, Medicare tax, federal income tax, state income tax, and voluntary deductions such as United Way, union dues, 401(k) contributions,...
Our Explanation of Bookkeeping provides you with a rich understanding of the recording of transactions. It then discusses the additional steps necessary for preparing accurate financial statements. This is great for...
Is contributed capital a noncurrent asset or a current asset, and is it a debit or credit? Author: Harold Averkamp, CPA, MBA Definition of Contributed Capital Contributed capital is one of the major components of a...
The amount of rent that has been incurred by a tenant during an accounting period shown in the heading of the income statement, but it has not been paid as of the last day of the accounting period.
Amount of depletion charged to expense on the income statement for the period indicated in its heading. The amount is also credited to the contra asset account Accumulated Depletion.
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