TheBusinessProfessor, Author at TheBusinessProfessor

Tax Writeoff – Explained

by TheBusinessProfessor | Feb 23, 2025 | Business Taxation

What is a Tax Write-Off?Write-offs may be used to reduce a business taxable income. For this reason, things such as credits, deductions, and overall expenses become a write-off. There is always a chance for individuals and businesses to claim for certain deductions...

Socio-Technical Systems Theory – Explained

by TheBusinessProfessor | Feb 23, 2025 | Management, Leadership, & Organizational Behavior

What is Socio-Technical Systems Theory? The socio-technical systems theory states that, when designing an organizational system, both social and technical are important parts of a complex system that must be considered. These elements are...

Key Management Accounting Personnel – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

Key Finance and Accounting Personnel The hierarchy of reporting among accountants in an organization is generally as follows:CFO – The chief financial officer (CFO) While not always an accountant, the CFO is in charge of all company financial information. Much...

Recording Product Costs in the Financial Statements

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

Update Table of Contents Product Costs Recorded in the Financial StatementsAsset Accounts (Balance Sheet)Expense Account (Income Statement) Product Costs Recorded in the Financial Statements Product costs may appear in any of three inventory accounts as well as the...

Net Positive Company – Explained

by TheBusinessProfessor | Feb 23, 2025 | Business Ethics & Social Responsibility

What is a Net Positive Company?A net positive company is a business or firm that has a overall positive impact on its stakeholders (employees, suppliers, customers, community, and society at large). Polman and Winston, propose the following approach by businesses to...