For example, if you use 100 units of material that costs $5 each, the total cost for that material is $500. Another advantage is that having a better understanding of total manufacturing cost allows a business to budget better for these costs in the future. Doing so allows for greater transparency concerning where the company […]

Here’s a look at how these two QuickBooks accounting software options stack up. QuickBooks Desktop wins this, offering more reporting options as well as industry-specific reports and forecasting options not offered in QuickBooks Online. All QuickBooks Online plans include good reporting options, with the Advanced plan offering the most comprehensive reporting options, including key financial […]

If the two totals do not agree, an error has been made, either in the journals or during the posting process. The error must be located and rectified, and the totals of the debit column and the credit column recalculated to check for agreement before any further processing can take place. Bookkeeping focuses on recording […]

Towards the end of the chapter we offer a detailed discussion of the kinds of efficiency decisions that high-quality cost data might inform. However, given the centrality of cost system design to the production of data that can be used in decision-making, we will address this crucial issue first. Adopting the bookkeeping best practices outlined […]