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3106 results for "write-up work"

The preparation of financial statements from a client’s information and without any review or audit of the amounts.

Often referred to as write-up work, a compilation refers to financial statements prepared by an accountant without reviewing or auditing the amounts. Often the accountant merely takes a client’s amounts and...

This is a long term asset account that accumulates the cost of a project that has not yet been placed into service. When the project is finished and placed into the service, the cost is removed from this account and is...

Work-in-progress is the long-term asset account that is used to report the amounts spent on the construction of buildings and equipment until the asset is completed and put into service.

The reduction of an asset’s carrying amount. For example, we often reduce or write down inventory from its cost to its net realizable value when the net realizable value is lower.

The reduction or removal of an asset amount. For example, an account receivable will be removed or written off if the customer is not able to pay the amount owed to the company.

That part of a manufacturer’s inventory that is in the production process and has not yet been completed and transferred to the finished goods inventory. This account contains the cost of the direct material,...

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 method for recognizing bad debts expense arising from credit sales. Under this method there is no allowance account. Rather, an account receivable is written-off directly to expense only after the account is determined...

What is work-in-process inventory (WIP)? Author: Harold Averkamp, CPA, MBA Definition of Work-in-process Inventory Work-in-process (WIP) inventory pertains to the goods for which the manufacturing has begun, but not yet...

What is the direct write-off method? Author: Harold Averkamp, CPA, MBA Definition of Direct Write-off Method The direct write-off method is one of the two methods normally associated with reporting accounts receivable...

How do you write off a bad account? Author: Harold Averkamp, CPA, MBA Definition of the Write-off of a Bad Account The write-off of a bad account usually refers to eliminating an account receivable due to the...

How do you report a write-down in inventory? Author: Harold Averkamp, CPA, MBA Definition of Write-down in Inventory Under FIFO and average cost methods, when the net realizable value of inventory is less than the cost...

How do I write off old outstanding checks? Author: Harold Averkamp, CPA, MBA Definition of an Old Outstanding Check We will assume that an outstanding check has appeared on the outstanding check list that is part of the...

Working Capital and Liquidity Quiz and Test | AccountingCoach Working Capital and Liquidity(Practice Quiz) Download PDF Author: Harold Averkamp, CPA, MBA For multiple-choice and true/false questions, simply press or...

What is working capital? Author: Harold Averkamp, CPA, MBA Definition of Working Capital Working capital is the amount of a company’s current assets minus the amount of its current liabilities. Example of Working...

What is the allowance method? Author: Harold Averkamp, CPA, MBA Definition of Allowance Method The allowance method usually refers to one of the two ways for reporting bad debts expense that results from a company...

What is bad debts expense? Author: Harold Averkamp, CPA, MBA Definition of Bad Debts Expense Bad debts expense is related to a company’s current asset accounts receivable. Bad debts expense is also referred to as...

What is a compilation? Author: Harold Averkamp, CPA, MBA Definition of Compilation A compilation refers to a company’s financial statements that have been prepared or compiled by an outside accountant. A compilation is...

What is the working capital ratio? Author: Harold Averkamp, CPA, MBA Definition of Working Capital Ratio The working capital ratio is defined as the amount of a company’s current assets divided by the amount of its...

What is net working capital? Author: Harold Averkamp, CPA, MBA Definition of Net Working Capital Net working capital is the amount (as opposed to being a ratio) remaining after subtracting a company’s total amount of...

Working Capital and Liquidity Author: Harold Averkamp, CPA, MBA 87 Q&A Popular Recent What is the difference between accounts payable and accounts receivable? What are prepaid expenses? Which assets are classified as...

What is meant by accounts written off? Author: Harold Averkamp, CPA, MBA Definition of Accounts Written Off Accounts written off is likely referring to accounts receivable that a company deemed to be uncollectible and...

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