Category: Bookkeeping

At the end of the second year, there is still a depletion base of $321,200 that must be charged to expense in proportion to the amount of any remaining extractions. When recognizing depletion, companies usually allocate it directly to the cost of goods sold (COGS) or inventory for extracted units. Accumulated depletion is disclosed in…

Engaging with employees and unions is critical, as resistance or misunderstanding could hinder implementation. Transparent communication, such as town hall meetings or regular updates, can foster a collaborative approach to transformation. In the first quarter of 2025, more than 46% of mortgaged residential properties were considered equity-rich — meaning, the outstanding loan balance totaled no…

It’s remote, but you must be available for occasional phone calls. Long-term contractors will take on additional journal entry tasks, provide client support, and work on process improvement for each client served. That said, completing a bookkeeping course can help you land those first few clients much faster and give you more confidence when working…

Batch level activities refer to the tasks and processes involved in packaging products in large quantities or batches. These activities can include labeling, sorting, assembling, and inspecting products before they are ready for distribution. To streamline these processes and maximize productivity, various tools and technologies have been developed. From automated systems to advanced software solutions,…

And for regulators, it’s about ensuring that the full disclosure principle is upheld, providing a level playing field for all market participants. In the realm of financial reporting, comparability stands as a cornerstone principle, enabling stakeholders to make informed decisions by evaluating financial statements side by side. This principle ensures that companies adhere to a…