Accounting articles

What Is Suspense Account In Insurance?

Any amount that is posted to the suspense account should be there on a temporary basis only, as this amount needs to be investigated and posted to the correct account. When the business is unsure about the account in which they need to park a particu... Read more

What Is An Outstanding Check?

She is a graduate of Bryn Mawr College (A.B., history) and has an MFA in creative nonfiction from Bennington College. As an alternative to viewing the data in this subtask, you can print the transactions detail data from the Bank Reconciliation Detai... Read more

Types Of Accounts In Accounting

An increase to the bank's asset account is a debit. Hence, using a debit card or credit card causes a debit to the cardholder's account in either situation when viewed from the bank's perspective. So, what exactly does this mean in relation to your f... Read more

Use The Sales Tax Deduction Calculator

When filing federal income tax, taxpayers need to choose to either take the standard deduction or itemize deductions. This decision will be different for everyone, but most Americans choose the standard deduction.If you are given the tax rate, you ca... Read more

What Is Encumbrance In Accounting?

The amount of the commitment is the number of payrolls multiplied by the employee's periodic earnings with an adjustment for partial pay periods at the end of the commitment period. Accounting for budgeted versus actual events offers a useful measure... Read more

Marginal Cost Formula

In an equilibrium state, markets creating negative externalities of production will overproduce that good. As a result, the socially optimal production level would be lower than that observed. Relying on one strategy may only work if you have the mar... Read more

Balance Sheet Vs Income Statement

The format of the balance sheet is not mandated by accounting standards, but rather by customary usage. The two most common formats are the vertical balance sheet and the horizontal balance sheet .For small privately-held businesses, the balance shee... Read more