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What is continental model?
The continental model emphasises the development of the company and its long-lasting effects. Objective of the managers is above all development of the co...
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Can fixed cost be relevant cost?
Fixed costs can be relevant but they have to be related to a specific decision. On the other hand, fixed costs that are general in nature (i.e. fixed cost...
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When you subtract operating expenses from the gross profit you have?
When you subtract operating expenses from the gross profit, that number is the operating income. It is usually a much lower number than gross profit becau...
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When should closing entries be made?
Closing entries take place at the end of an accounting cycle as a set of journal entries. The closing entries serve to transfer the balances out of certai...
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What accounts are involved in payroll?
Essentially, payroll-related accounts include a mixture of expenses and liabilities. Employee compensation (expense) Employer taxes and insurance (expense...
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Why is goodwill important in accounting?
Why is goodwill accounting important? From the seller’s perspective, a large goodwill value means the buyer saw a lot of excess intangible value in the bu...
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What is net borrowings on cash flow statement?
Net borrowings is a line item showing the total amount of money borrowed for financing activities for a business. This can include short term notes, long ...
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How does budgeting help consumers reach their financial goals?
Which best explains how budgeting helps consumers reach their financial goals? Budgets allow consumers to control how much money they have going out for e...
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How do you calculate inventory turnover?
You can calculate the inventory turnover ratio by dividing the inventory days ratio by 365 and flipping the ratio. In this example, inventory turnover rat...
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What are the 3 main financial statements that a business prepares?
The balance sheet, income statement, and cash flow statement each offer unique details with information that is all interconnected. Together the three sta...
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