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Financial Memos

The Accounting and Finance Community

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ARTICLES

When earned revenue is reported is an important accounting principle.

When is Earned Revenue Reported?

Do you pay income tax on drawings from a business?

Do You Pay Tax on Drawings From a Business?

Contingent assets are possible assets contingent on future events taking place.

Contingent Asset Accounting and Analysis

Accrued revenue is income that has been earned but not yet billed or received.

Accrued Revenue Accounting and Journal Entries

Accrued expenses are balance day adjustments for expenses incurred but not yet paid.

Accrued Expense Accounting and Journal Entries

Prepayments are for goods and services paid in advance and yet to be delivered.

Prepayments Occur When Payments Are In Advance

Revenue received in advance of work completed is treated as unearned revenue liability.

Unearned Revenue Accounting

Wednesday, January 20, 2021

Tag: weight average cost

Weighted Average Perpetual Inventory System
Accounting Tutorials Tutorials

Weighted Average Perpetual Inventory System

August 17, 2020

A perpetual inventory system involves recording every receipt and issue of stock that occurs so that there is a continuous record of the balance of each stock item on hand. … Read More

FIFOInventoryLIFOreplacement costweight average costweighted average perpetual inventory Comment on Weighted Average Perpetual Inventory System

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