Bookkeeping

When you look at a business’s income statement or a balance sheet, product and period costs show up there, influencing different parts of these financial statements. Both of these costs are considered period costs because selling and administrative expenses are used up over the same period in which they originate. Examples of product costs include…

ACH bank payments can take from two to seven days for funds to reach a business’s bank account. For example, QuickBooks Online doesn’t have a free plan, but offers four paid plans, each with additional features, making it a great choice for scalability. With the higher-tier QuickBooks plans, you have access to inventory management, billable…

So, a good net profit margin to aim for as a business owner or manager is highly dependent on your specific industry. It’s important to keep an eye on your competitors and compare your net profit margins accordingly. Additionally, it’s important to review your own business’s year-to-year profit margins to ensure that you are on…

A master budget consists of a set of interrelated but independent budgets that articulate the organization’s sales, production, profit, and financial position for a specified time period. Manufacturing overhead is projected to be $0.50 per unit variable and fixed overhead $45,000 per quarter. Assume that each units of Water Wiz requires $0.10 of variable manufacturing…