Bookkeeping

Mixed Costs Accounting for Managers

A mixed cost can be bifurcated into fixed and variable elements using high-low method, scatter-graph method and least-squares regression. Other than the example above, during the normal course of business, there are numerous examples of mixed costs that the company bears and pays. For example, suppose there is a $10,000 difference between the total costs […]

Reconcile an account in QuickBooks Online

Neglecting the practice of regular reconciliation can expose your business to several risks. Once everything matches and the difference is $0, select Finish Now. Currently, Alliant Credit Union doesn’t have a business account. Here’s an up-to-date list of alternatives for the Alliant Credit Union Business Account. The month-end closing process can seem tedious and daunting […]

What does it mean when there are parentheses around a negative number?

A loss is incurred when the expenditure is greater than the income. Credit balances typically occur in liability accounts on the Balance Sheet, or Revenue on the Statement of Profit and Loss. What does it mean when a bank account balance is shown in parentheses? In standard costing, the variances that are unfavorable are often […]

Current Liabilities: Definition, How it Works & Liability List

The interest owed is booked as a $500 debit to interest expense on Company ABC’s income statement and a $500 credit to interest payable on its balance sheet. The interest expense, in this case, is an accrued expense and accrued interest. When it’s paid, Company ABC will credit its cash account for $500 and credit […]

AC Working Principle: How Does An Air Conditioner AC Work?

Packaged systems are all-in-one solutions that also answer the question “what is central air? ” Packaged systems contain the evaporator coil, blower fan, compressor and condensing coil all in one unit. They work well when there isn’t enough space in an attic or closet for the indoor unit of a split-system air conditioner. They are […]