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Bookkeeping

Receivables and Payables: Notes receivable and notes payable Saylor Academy

Accounts payable do not involve a promissory note, usually do not carry interest, and are a short-term liability (usually paid within a month). Additionally, they are classified as current liabilities when the amounts are due within a year. When a note’s maturity is more than one year in the future, it is classified with long-term …

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How Are Yields Taxed on a Certificate of Deposit CD?

In addition, if you need your money earlier than you anticipated, you can withdraw without paying a penalty. Some banks or credit unions offer promotional rates for specific lengths of time, such as three months or 11 months. Things that you own for your own personal use, investment or pleasure are considered capital assets. Bump-up …

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Become a Certified ProAdvisor, QuickBooks Intuit

The Badged for Success program echoes our commitment to recognizing the invaluable contribution of QuickBooks Online accountants. As bookkeepers who play a valuable role in driving the success of small businesses, you deserve to celebrate your achievements. You can use quickbooks proadvisor certification your certification logos to promote your services in any way you like. …

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Revenue Recognition: What It Means in Accounting and the 5 Steps

Many groups rely on government financial statements, including constituents and lawmakers. The Great Depression in 1929, a financial catastrophe that caused years of hardship for millions of Americans, was primarily attributed to faulty and manipulative reporting practices among businesses. In response, the federal government, along with professional accounting groups, set out to create standards for …

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Allowance for Doubtful Accounts Overview, Guide, Examples

The actual payment behavior of customers, or lack thereof, can differ from management estimates, but management’s predictions should improve over time as more data is collected. On the balance sheet, an allowance for doubtful accounts is considered a “contra-asset” because an increase reduces the accounts receivable (A/R) account. The accounts receivable aging method is a …

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Bookkeeping Phoenix, AZ Online Bookkeepers & Accountants

Utilizing Sage accounting software, it offers basic bookkeeping service for up to two bank or credit accounts, which includes data sorting and financial reporting. It also handles payroll management for up to 10 employees with detailed reports. The company also provides assistance regarding IRS and income tax submission. Mil Service carries over 20 years of …

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Direct Materials Variances in Direct Materials and Direct Materials Cost

Content Variances in Direct Materials Variable Costing vs. Absorption Costing Are Fixed Costs Treated as Sunk Costs? Understanding Direct Costs and Variable Costs Example of Cost on The Financial Statements Understanding the Costs in Product Costs Direct Material That’s because as the number of sales increases, so too does the variable costs it incurs. Fixed …

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