Net worth refers to the total value of an individual's assets, including cash, investments, real estate, and any other possessions, minus any debts or liabilities that they owe. It is essentially a...
Category: Accounting Basics
Continuous budgeting, also known as perpetual budgeting or rolling budgeting, is an approach to budgeting where the budget is continuously updated and revised over a specified period. Unlike...
What is the Difference Between Fixed Costs, Variable Costs, and Mixed Costs?
As a business owner or manager, understanding the costs associated with running your business is crucial to making informed decisions. One of the fundamental concepts to understand is cost behavior,...
In managerial accounting, standard cost variance is the difference between the actual cost incurred to produce a product or service and the standard cost that was expected. Standard cost variance is...
Allowance for doubtful accounts is a contra asset account that is used to offset the accounts receivable account. It represents an estimate of the amount of accounts receivable that a company...
Journal entries are one of the most fundamental and essential concepts in accounting. A journal entry is a record of a transaction that affects a company's financial statements. Journal entries are...