What is The Accounting Equation?
The accounting equation is the basis of all accounting entries that will be put through a company’s accounting system. The fundamental principle of the double entry system relies on the …
Accounting for an Invoice When the Goods Haven’t Been Received
However, what if on the flip side, we have an invoice come in but have not yet received the goods/services.
Calculating the Fixed Overhead Expenditure Variance
If a company operates under marginal costing, there can only be one type of fixed overhead variance: A fixed overhead expenditure variance. (sometimes referred to as fixed overhead spending variance) …
Disclosing Operating Leases with Break Clauses (FRS102)
Under FRS102, the disclosure requirements state that the disclosure must
Debits and Credits: The Very Basics
These examples make it a bit easier to see how debits and credits affect assets and liabilities. From here it becomes a lot easier as most transactions