Category Archives: Bookkeeping

Debit Definition: Meaning and Its Relationship to Credit

Content Normal Balances of Accounts Chart Chart Of Accounts – Account Type, Normal Balance Normal Balance Of An Account Debits and Credits in Transactions Explain calculation of the average balance in accounts receivable. Allowance for Doubtful Accounts is a/an ____ (asset/liability/etc.) account with a normal ____ balance. Tim worked as a tax professional for BKD,… Read More »

Construction Accounting Guide: Methods, Tips & Software

Content Construction Accounting 101: Expert Guide for Contractors Company Information Track Employee Hours Accurately Record Day-to-Day Financial Transactions The Importance of Good Records Indirect costs might include training expenses, personal safety equipment and other incentives you might offer your staff like retention bonuses. With the nature of housing projects, there’s often a long lead time… Read More »

Explain the phrases phantom paper profits and high LIFO profits through involuntary liquidation

Content After-tax profit margin RELATED QUESTIONS Partners Example of Phantom Income from Business Capitalization Accounting Help An S Corporation Vs. a Partnership: Pros & Cons Explain how a company can have positive net income–perhaps even outstanding earnings–for a month or quarter but have negative cash flow from operations. Explain why these items are usually disclosed… Read More »