One must decide whether an expense is directly tied to the manufacturing process of inventories or not. Direct materials are those materials used only in making the product and there is a clear, easily traceable connection between the material and…

Together, the documents help you assess whether your business’s financial health improves, declines, or remains the same following the decision. A pro-forma forecast is a financial forecast based on pro-forma income statements, balance sheets, and cash flow statements. Pro-forma forecasts…

In most cases, asset and expense accounts increase with each debit entry. In most cases, liability and revenue accounts increase with a credit entry. Finally, the total dollar amount of debits must always equal credits. Accounting and bookkeeping software requires…

Her love for humor is reflected in her fondness for watching funny videos, providing a welcome respite and laughter in her leisure time. Irene is also a food enthusiast who appreciates the simple delight of steamed, baked, and fried fish.…