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link to What is Depreciation? | Accounting Student Guide

What is Depreciation? | Accounting Student Guide

Depreciation Expense and Accumulated Depreciation can be a hard concept for accounting students. It's easy to get confused or struggle to understand what goes where in a journal entry and to keep the...

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link to Allowance for Doubtful Accounts | Accounting Student Guide

Allowance for Doubtful Accounts | Accounting Student Guide

One of the most confusing chapters in your first accounting class is the bad debts and allowance for doubtful (uncollectible) accounts chapter. Here, we will break it down step by step and provide...

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link to Is There a Secret Accounting Textbook Cabal?

Is There a Secret Accounting Textbook Cabal?

For decades one man's name has appeared as author on scores of accounting textbooks. Who is this shadowy figure who makes accounting students cry? We investigate! (Who says we can't have fun with...

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link to How to Get an A in Accounting in 9 Steps

How to Get an A in Accounting in 9 Steps

Learning accounting can be a challenge for even the strongest students. Explore these nine tips from an accounting professor on how to make getting an A in accounting much easier. Step 1:...

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link to Do You Have to Know Accounting to Use QuickBooks?

Do You Have to Know Accounting to Use QuickBooks?

Although you do not need to know accounting to use QuickBooks, FreshBooks, Xero or other accounting software, knowing the basics of how accounting works can make using software easier and provide...

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link to What is Cost of Merchandise Sold

What is Cost of Merchandise Sold

In accounting, Cost of Merchandise Sold is an account used to track the costs associated with the purchase of products for resale in a merchandising or retail business. Cost of Merchandise Sold does...

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link to What is Cost of Goods Sold?

What is Cost of Goods Sold?

In accounting, Cost of Goods Sold is an account used to track the costs associated with the manufacture of a product, including cost of raw materials, direct labor, packaging, and other direct costs....

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link to What is Inventory?

What is Inventory?

Inventory is an accounting of items owned by a business that will either be sold to customers or converted from raw materials into items that will be sold to customers. Inventory is an asset. It has...

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link to How to Use the Percent of Sales Method for Bad Debts

How to Use the Percent of Sales Method for Bad Debts

Under the Percent of Sales Method for tracking bad debts, credit sales (not cash sales) are multiplied by a percent to arrive at the estimate for bad debts. That percentage will be based on the...

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link to How to Use the Aging of Accounts Receivable Method for Bad Debts

How to Use the Aging of Accounts Receivable Method for Bad Debts

Under the Aging of Accounts Receivable Method for accounting for bad debts, a company creates an estimate of bad debts based on the age of outstanding invoices. This estimate is based on a company's...

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