Bookkeeping

10 Best Process Modeling Software in 2023

All of these costs will not directly be related to manufacturing, but still play a vital role in how much profit a company is expected to see. If you’ve never heard of the term “work in process”, you may be wondering what the difference between work in process and work in progress are. The major […]
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How do you record a payment for insurance?

The purpose is to allocate the cost to expense in order to comply with the matching principle. In other words, the amount allocated to expense is not indicative of the economic value being consumed. Similarly, the amount not yet allocated is not an indication of its current market value. The adjusting entry for prepaid expense […]
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