by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Value for Money Audit? A Value for Money Audit is a financial analysis undertaking to determine whether resources (financial, human, or physical) are being used in an economic, efficient and effective way.The United States General Accounting Office Auditing...
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...
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...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is the Allowance Method? The allowance method matches the estimated expenses or losses from uncollectible accounts receivables against the sales. We record our accounts receivable on the balance sheet. This amount is often inaccurate, as we will likely not be...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
How to Account for Notes Receivable? Notes receivable is a receivable that specifically deals with promissory notes. Promissory notes are written promises to pay a specific amount of money (such as repayment of a loan). The note may be payable on demand or at a...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is an Accrued Expense? Accrued expenses are things that we have been using, but we have not paid for them yet.How to Record Accrued Expenses?With an Accrued Expense, cash has not been affected yet – as the debt will be paid or recorded at a later date. So,...
