For some businesses, the amount of Property, Plant, & Equipment can be substantial. This is the case for firms that have large investments in manufacturing operations or significant real estate holdings. Other service or intellectual-based businesses may actually have very little to show within this balance sheet category. The cost of property, plant, and equipment […]

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You need to search for the relevant SSIC Code to denote the primary and secondary business activity of your company. Singapore’s Accounting and Corporate Regulatory Authority (ACRA) has a fully computerized online system which completes the registration procedures in 1-2 business days. You need to login to the BizFile+ system using your SingPass and identification […]

If you’re a small business looking for accounting software, you might want the Simple Start Plan, which allows you to create and manage invoices, estimates, bills, and sales taxes. 61% of freelancers today say their biggest problem is landing clients, so streamlining their process can clear room in their schedule to pursue their next gig. […]

When done frequently, reconciliation statements help companies identify cash flow errors, present accurate information to investors, and plan and pay taxes correctly. They can also be used to identify fraud before serious damage occurs and can prevent errors from compounding. Bank reconciliation statements are tools companies and accountants use to detect errors, omissions, and fraud […]

Eventually, the balances in the company’s temporary accounts will actually be transferred/closed to the owner’s capital account (or to a corporation’s retained earnings account within stockholders’ equity). At the end of April one third of the prepaid rent expense (1,000) will have been used up as the business has used the premises for that month. […]

The origins of the direct write-off method can be traced back to the early days of accounting when businesses used various methods to account for bad debts and uncollectible accounts. That’s because this method uses the actual amount not paid instead of a mere estimate. In the allowance method, an estimate is calculated every year […]

In Chapter 2, we look at an alternative approach to recording manufacturing overhead called normal costing. The cost of goods manufactured includes all manufacturing overhead costs incurred during the accounting period. Examples of these accounts are manufacturing rent, manufacturing depreciation, manufacturing supervisory compensation, quality control compensation, utilities, repairs and maintenance, and production supplies. In addition, […]

Thus, the accounting equation is an essential step in determining company profitability. In above example, we have observed the impact of twelve different transactions on accounting equation. Notice that each transaction changes the dollar value of at least one of the basic elements of equation (i.e., assets, liabilities and owner’s equity) but the equation as a whole […]

It is an internal check to ensure all company transactions are recorded accurately and completely. Adjusting entries capture transactions or events that have occurred but are not yet reflected in the original account balances. Are you ready to simplify your financial management and streamline your trial balance process. Trial Balance is a foundational pillar in […]