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Bookkeeping

Become a Xero Certified Bookkeeper: Your Step-by-Step Guide to Unlocking New Career Opportunities

It created its Accounting Partner Program to help bookkeepers and accountants, focusing on a collaborative approach to managing their books. Quickbooks offers numerous courses to prepare you for the ProAdvisor certification exam. However, they aren’t necessary — you can take the exam if you’re confident you’ll pass based on your Quickbooks experience. Quickbooks is one …

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Accounting Software for Small Businesses

This section focuses more on first-time setup and software settings. Even after initial setup, the software must also 7 types of alternative investments everyone should know let users modify information like company name, address, entity type, fiscal year-end, and other company information. Another option for QuickBooks Online users is finding an independent QuickBooks ProAdvisor for …

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What is Variable Overhead Spending Variance? Definition, Formula, Explanation, And Analysis

Possible reasons for the unfavorable variance could be an increase in utility rates, an unanticipated rise in the cost of supplies like lubricants or cleaning materials, or temporary labor that was more expensive than planned. Negotiating favorable terms and maintaining open lines of communication with suppliers can help mitigate the impact of price fluctuations on …

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Double Declining Balance Method of Deprecitiation Formula, Examples

By dividing the $4 million depreciation expense by the purchase cost, the implied depreciation rate is 18.0% per year. The prior statement tends to be true for most fixed assets due to normal “wear and tear” from any consistent, constant usage. The amount of final year depreciation will equal the difference between the book value …

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Petroleum Accounting: Principles, Procedures and Issues 8th edition: PwC

This involves estimating the future costs of dismantling and restoration, which are then discounted to their present value. In the oil and gas industry, joint operating agreements (JOAs) are common arrangements where multiple parties, such as operators and non-operators, collaborate to explore and develop oil or gas properties. Under this structure, multiple working interest owners …

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Activity-Based Costing ABC: Method and Advantages Defined with Example

First, it expands the number of cost pools that can be used to assemble overhead costs. Instead of accumulating all costs in one company-wide pool, it pools costs by activity. This costing system is used in target costing, product costing, product line profitability analysis, customer profitability analysis, and service pricing. Activity-based costing is used to …

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Bookkeeping & Tax for Contractors Construction Bookkeeping, Accounting & Taxes

Accounting for construction in progress often seems elusive to many construction contractors. Instead of waiting until the end of a project to discover if overruns or delays will happen, the contractor can use the earned value report to see this information at the beginning of a project. With a job cost report, however, you can …

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