Once the various costs are meticulously identified, they are strategically allocated to the respective construction projects on which they occurred. The allocation involves distributing direct, indirect, and overhead costs to the respective construction projects, each requiring a distinct approach. Job costing provides a clear view of all the direct and...
Everything you need to know about accounts payable
However, Accounts Payable can also be considered a debit, depending on how you structure your chart of accounts. A debit balance in a payable account means that the company owes money, while a credit balance indicates that the company is owed money. Your accounts payable balance should always be considered...
The Accounting Equation Financial Accounting
Understanding how the accounting equation works is one of the most important accounting skills for beginners because everything we do in accounting is somehow connected to it. Shareholders' equity is the total value of the company expressed in dollars. Put another way, it is the amount that would remain if the company...