by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is an Accounting Interpretation?Accounting Interpretation is a statement issued by an accounting standard group clarifying the methods of implementing the accounting standards. The Financial Accounting Standards Board (FASB), International Accounting Standards...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is an Accounts Receivable Subsidiary Ledger?An accounts receivable subsidiary ledger is an account book that shows a list of customers or clients who owe a company. Customers that are in debt to a company are listed in the ledger in order to ensure easy tracking...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is Unit Variable Cost?Variable cost per unit refers to the costs of each unit of goods that a company produces, variable costs change as changes occur in the production level or activity level of the company. Unit Variable Cost is affected by changes in the...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the Unit of Production Method of Depreciation? The Unit of Production Method is a depreciation method that measures the depreciation of an asset based on its usage and not just passage of time. When the unit of production method is used to gauge depreciation...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Traveling Auditor?A traveling auditor is any individual who spends an amount of time conducting audits in distant areas. This individual gathers the accounting data of a firm or company to file financial status reports and locate any form of misconduct in...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the Accounting Equation?Assets = Liabilities + EquityThe accounting equation, also known as the fundamental accounting equation or a balance sheet equation, is a principle of accounting that establishes a correlation between assets, liabilities and equity of...
