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Why is an impairment test considered necessary?
Assets should be tested for impairment regularly to prevent overstatement on the balance sheet. Impairment exists when an asset’s fair value is less than ...
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How do price changes affect equilibrium?
The equilibrium price is the price at which the quantity demanded equals the quantity supplied. An increase in demand, all other things unchanged, will ca...
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How do you solve difficult problems?
Here are the five steps to take when solving tough problems with your team. Recognize the Problem. Jointly agree a problem exists. Determine the Root Caus...
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What is the use of RUN statement?
RUN statement is used to specify a command line for the operating system to execute. The RUN statement executes an operating system command. It can be use...
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What decisions can you make from cash flow statement?
The cash-flow statement is one of the most important documents for making management decisions. While the company can look profitable based on standard ac...
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What is the adjusting entry for unused supplies?
For example, if the beginning balance is $5,000 and you have $4,000 of supplies on hand, you used $1,000 of supplies during the month. The adjusting entry...
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What type of account is freight out?
Delivery expense to be paid by the seller when its merchandise is sold with terms of FOB destination. This is an operating expense and is not included in ...
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Why are employees not recorded on the balance sheet as an asset?
By definition, employees are not assets since companies do not have control over them. Workers must convert raw materials – be they commodities or blank c...
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Does an S corporation have retained earnings?
Just like regular corporations, S corps can distribute profits to their shareholders, keep them as retained earnings or do a little of both. An S corp doe...
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What is depreciation in bookkeeping?
Depreciation is an accounting method of allocating the cost of a tangible or physical asset over its useful life or life expectancy. Depreciation represen...
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