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Some people have a more complicated tax situation than merely being a W-2 employee. Those lucky enough to have a straightforward situation usually have simple deductions like property taxes, charitable contributions, mortgage interests, etc. But as soon as someone strays from that professionally (has a bigger income, significant investments, multiple sources of income, businesses, etc.), …

Do I Need a Personal Accountant? A Guide for Small Business Owners Read More »

It is one of the variances which company need to monitor beside direct material usage variance. Angro Limited, a single product American company, employs a proper standard costing system. The normal wastage and inefficiencies are taken into account while setting direct materials price and quantity standards. Variances are calculated and reported at regular intervals to …

Direct Materials Cost Variance Managerial Accounting Read More »

Because it was recorded as accounts payable when the cost originally occurred, it requires an adjustment to remove the charge. Before you create your financial statements, you need to make adjustments to account for any corrections for accruals or deferrals. Bookkeepers or accountants are often responsible for recording these transactions during the accounting cycle. For example, …

The 8 Important Steps in the Accounting Cycle Read More »