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Is advertising a variable expense?
In contrast to fixed expenses, variable expenses respond, often in direct proportion, to changing or fluctuating production levels or sales volumes. Adver...
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Are restructuring charges included in operating income?
The restructuring charges are nonrecurring operating expenses and are included in the financial statements of the company to calculate net income. How do ...
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Would it be a good idea to allow business some flexibility or creativity in preparing financial statements?
GAAP helps maintain the relevancy of the information provided in the financial statement. The reason why flexibility or creativity should not be allowed i...
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Where do salaries go on an income statement?
The salaries and wages expense is presented on the income statement, usually within the operating expenditure section. How do you record salaries and wage...
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What is a payment delay?
Payment delay is the number of days on average a business waits between receiving a bill and paying a bill. Also called payment days. What could go wrong ...
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Do dividend payments reduce retained earnings?
When the dividends are paid, the effect on the balance sheet is a decrease in the company’s retained earnings and its cash balance. In other words, retain...
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WHO issues debit and credit note?
A debit note is issued by the customer or buyer of the goods to the supplier or the seller of the goods whereas a credit note is issued by the supplier or...
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In what situations would you use a table to organize data?
Whenever you have more than one set of values that have a direct relationship, you may use a table to organize the data. For example, people often use tab...
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How do you record cash refund in accounting?
Post a debit to the cash account for the amount of the refund. The debit reduces the cash account balance, reflecting that you issued cash to the customer...
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How much should a dealer take off for a demo?
Generally, you’ll want a discount of 25 to 40 cents per mile driven. On a vehicle driven 5,000 miles, this comes out to a discount of between $1,250 and $...
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