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Jan. 14, 2012

Sunil Thukral and 3 other people answered this question

Where can I learn about the upcoming rule changes for accounting?

You can join the group titled "U.S. GAAP: SEC Financial Reporting / External Reporting Issues" on LinkedIN, that deals with discussions on various latest SEC / U.S. GAAP reporting issues. You can participate in the discussions and also post any specific questions that you might ... more

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Accounting Practices

Dec. 6, 2011

John Beidle and 3 other people answered this question

What are the advantages of using an online bookkeeping service vs regular bookkeeping?

Dropbox does not meet industry standards for security.

Feb. 7, 2011

Lauren Harper asked a question

What is capital budgeting?

Jan. 24, 2011

Lauren Harper asked a question

What does absorption costing mean?

Jan. 16, 2011

Douglas Millington answered this question

What is a LIFO Reserve?

LIFO is an inventory method and stands for last-in first-out. Other methods of inventory valuation include FIFO (first-in first-out), average cost and specific identification.
LIFO assigns the most recent costs of items to cost of sales. In periods of rising costs because you are assigning ... more

Jan. 12, 2011

Tyler Wells, CPA and 1 other person answered this question

What is the employer matching of FICA?

In 2011 the employer will pay 2% points more than the employee, but will continue to pay 7.65% for wages up to $106,800 and then 1.45% for every dollar above $106,800. more

Jan. 11, 2011

Nicole Rosen and 2 other people answered this question

Is it better to hire an accountant in-house or to outsource?

Personally, I believe you would be better served to outsource your bookkeeping/accounting needs. If you only have 8 employees and you have enough income to hire a 9th person..would that money be better spent to higher a full time accountant (and possibly not have enough ... more

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Accountant

Accounting

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Jan. 11, 2011

David Collins answered this question

How do you calculate the break-even point in terms of sales?

Assuming the simple one-product scenario, BE in terms of UNITS is...
F / UCM
...where F is your total fixed costs, and UCM is the Unit Contribution Margin (selling price per unit, minus the variable cost per unit).
That'll give you the number of units ... more

Jan. 7, 2011

Fred Blauer and 1 other person answered this question

What is the difference between normal costing and standard costing?

Tony's explanation is good. I would just add that 2 of the most common actual costing methods are Average and FIFO (first in first out). Standard costing is usually used in manufacturing companies. Some systems will support multiple costing methods and even different methods of ... more

Jan. 5, 2011

Sharon Finch and 1 other person answered this question

What is the purpose of having control accounts?

In most automated accounting systems you have subledgers where all of the detail transactions take place. The result of all those details should post and tie to one control account per subledger. For example, at month-end you should have a list of all open payables ... more

Jan. 5, 2011

Tony Gruber, CPA answered this question

CPAs- how have they helped your business?

Apparently, they haven't. : )
Thanks,
Tony
Anthony C. Gruber, CPA
President, Viser Business Tools
www.ProjectedFinancialStatements.com
www.FinancialFirmTemplate.com
www.SmallCompanyTools.com
www.401kTest.com

Dec. 27, 2010

Tina Gregory answered this question

What is a classified balance sheet?

This is a balance sheet in which the categories, or types of accounts are grouped. For example, on a classified balance sheet you would see Current Assets and under this category the accounts of cash, short-term investments, accounts receivable, etc. The next classification might be ... more

Dec. 23, 2010

James Porter asked a question

What is the difference between a general ledger and a general journal?

Dec. 23, 2010

Wray Rives and 2 other people answered this question

What are the top online resources for doing your own accouting?

1. Wave Accounting-Full accounting package with API's to most bank accounts
2. Outlook-perfect solution for sole proprietors who want simple minimal bookkeeping
3. Xero-Another full accounting solution, but heavily tied to New Zealand Market
4. Quickbooks online which obviously has the Quickbooks name going for it.
5. InDinero
All of ... more

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