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Under the accrual basis of accounting, this account reports the cost of the temporary help services that a company used during the period indicated on its income statement.

What is a service department? Author: Harold Averkamp, CPA, MBA Definition of Service Department A service department is usually associated with a manufacturer’s production departments. However, a service department...

A department within a factory that does not directly produce a product. Examples are the factory maintenance department, factory administrative department, and quality assurance department.

Under the accrual basis of accounting, the Service Revenues account reports the fees earned by a company during the time period indicated in the heading of the income statement. Service Revenues include work completed...

and equipment Office equipment Furniture and fixtures Vehicles Leasehold improvements Construction work-in-progress (which is not depreciated until the asset is placed into service) Join PRO to Track Progress Mark the...

One of two broad functional categories for sorting and reporting a nonprofit organization’s expenses. (The other is program expenses.) Supporting services expenses consists of 1) management and general expenses,...

The situation where manufacturing service departments provide service to each other. For example, the factory maintenance department provides services to the factory administrative department and the factory...

equation) will normally have their account balances on the right side or credit side. Example of Why Revenues are Credited To illustrate why revenues are credited, let’s assume that a company receives $900 at the time...

How much do you depreciate an asset and when? Author: Harold Averkamp, CPA, MBA Definition of How and When to Depreciate an Asset Depreciation begins when you place an asset in service and it ends when you take an asset...

into service. When the asset is placed into service, the account Construction Work-in-Progress will be credited for its balance (the accumulated costs) and will be recorded with a debit in the appropriate property,...

that have not yet expired are considered to be assets. Unearned Revenue Wrong. Unearned Revenue is a liability account. It comes about when a company has received cash in advance of earning it. As a result the company...

/10, net 30 the early payment discount will be 1% of the amount owed if paid within 10 days of the sale, service, or date of the sales invoice. Join PRO to Track Progress Mark the Question as Read Must-Watch Video...

account Deferred Revenues now has a credit balance of $11,000. For these amounts to be reported on its financial statements, the following deferral adjusting entry must be made: debit Deferred Revenues for $1,000 and...

Our Explanation of Debits and Credits describes the reasons why various accounts are debited and/or credited. For the examples we provide the logic, use T-accounts for a clearer understanding, and the appropriate general...

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...

Our Explanation of Break-even Point illustrates how to determine the number of units or sales dollars that will result in zero net income. The techniques rely on a product's contribution margin or contribution margin...

Our Explanation of Adjusting Entries gives you a process and an understanding of how to make the adjusting entries in order to have an accurate balance sheet and income statement. Eight examples including T-accounts for...

of 10% minus (30% tax savings on the 10% interest rate) = 10% minus 3% = 7%. Join PRO to Track Progress Mark the Question as Read Must-Watch Video Learn How to Advance Your Accounting and Bookkeeping Career Perform...

Our Explanation of Break-even Point illustrates how to determine the number of units or sales dollars that will result in zero net income. The techniques rely on a product's contribution margin or contribution margin...

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Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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