Tag: accounting

Indirect Materials

See Also:Indirect LaborAudit CommitteeManaged Sales And Use Tax Audit ProgramsMining the Balance Sheet for Working CapitalInventory to Working Capital Indirect Materials Definition In accounting, the indirect materials definition is a category of indirect cost. Indirect materials are materials used in a production process, but they are not directly traceable to a cost object. Consider these

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Lower of Cost or Market (LCM)

See Also: Accounting Principles Accounting Concepts Generally Accepted Accounting Principles (GAAP) How to manage inventory Inventory Cost Lower of Cost or Market (LCM) Definition Lower of cost or market accounting is generally based off of the accounting concept conservatism. It generally states that certain accounts should be stated at their historical costs or market costs

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Larceny Definition

See Also: Skimming (fraud) The Fraud Triangle Accounting Fraud Prevention using QuickBooks Audit Scope Forensic Audit The Larceny Definition The Larceny definition is the act of stealing cash from a company after it has been recorded on the company books or accounting records. Larceny is often easier to detect because it is on the books,

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Journal Entries For Factoring Receivables

See Also: Factoring Another Way To Look At Factoring Accounting for Factored Receivables Can Factoring Be Better Than a Bank Loan? Factoring is Not for My Company History of Factoring How Factoring Can Make or Save Money The What, When, and Where about Factoring Journal Entries (JEs) Journal Entries for Factoring Receivables The following scenario

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Job Costing

See Also: Implementing Activity Based Costing Standard Costing System Process Costing Activity-based Costing (ABC) vs Traditional Costing Absorption vs Variable Costing Job Costing Definition Job costing is defined as a method of recording the costs of a manufacturing job, rather than process. With job costing systems, a project manager or accountant can keep track of

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Inventory Turnover Ratio Analysis

See Also: Raise Inventory Turnover Ratio Economic Order Quantity LIFO vs FIFO Financial Ratios Days Inventory Outstanding Inventory Turnover Ratio Analysis Definition Inventory turnover ratio, defined as how many times the entire inventory of a company has been sold during an accounting period, is a major factor to success in any business that holds inventory.

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Installment Sales Method

See Also: Accounting Principles Point of Sale Method (POS) Collection Method Percentage of Completion Method Completed Contract Method Installment Sales Definition The Installment Method of revenue recognition under the revenue principle deals with sales that require periodic payments over a specified time period usually established within a contract called the installment sales contract. Installment Sales

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Goodwill Accounting Term

See Also: Accounting Income vs Economic Income Depreciation Cash Flow Statement Income Statement Generally Accepted Accounting Principles Goodwill Accounting Term Meaning The goodwill accounting term is an intangible asset. It represents non-physical assets, such as brand name and reputation, and shows up on the asset side of a company’s balance sheet. A company often acquires

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Develop a Controller

See Also: Hire a CFO Controller How to Compensate Sales Person How to Form an Advisory Board Train People For Success How to write an Action Plan Skills to Develop a Controller 1. Accounting Skills Keep up to date on the latest accounting rules and know which rules apply to your company. Are you publicly

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Full Disclosure Principle

See also: Accounting Principles 5, 6, and 7 Accrual Based Accounting GAAP Rules Generally Accepted Accounting Principles (GAAP) What is GAAP? Full Disclosure Principle Definition As one of the principles in Generally Accepted Accounting Principles (GAAP), the Full Disclosure Principle definition requires that all situations, circumstances, and events that are relevant to financial statement users

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Forensic Audit

See Also: Auditor Audit Committee How to Choose An Independent CPA/Auditor How to Control Annual Audit Fees Managed Sales And Use Tax Audit Programs Forensic Audit Definition A forensic audit, defined also as forensic accounting, is the process of auditing a company’s records for the purpose of satisfying a legal investigation. Forensic accounting, though it

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