Bookkeeping

Milestone billing, on the other hand, will trigger the billing process once predetermined deliverables, or milestones, are hit. For example, a contractor may send an invoice (milestone payments) when they complete the foundation of a structure. In the construction industry, the payment chain often works like a set of dominoes, with financial burdens falling from …

Excel Tutorial: How To Calculate Percentage Of Completion In Excel Leia mais »

If a company is not considered a going concern, it may indicate financial trouble, which could affect investments and loans. The going concern principle in accounting assumes that companies will continue to operate for the next 12 months or the foreseeable future. The going concern principle requires companies https://www.bookstime.com/ to record assets at cost and …

What is Going Concerned? Definition, Assessment, Indicators, Example, Disclosure Leia mais »

The income summary account is prepared by debiting revenue accounts and crediting expense accounts. The balances of the transferred amounts should match with the net income or loss for the year. The income summary account balance is then transferred to retained earnings or the capital account in the case of a sole proprietorship. The income …

Income Summary Account and Closing Process Leia mais »