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Small business accounting 101: covering the basics

Small business accounting 101: covering the basics

Brush up on your business accounting basics to make tax preparation easier. Read up on a few accounting terms and principles you should know:...

FacebookIntuit QuickBooks634.8K viewsNov 12, 2021

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In intro accounting class we learn that depreciation is a cost allocation concept that helps us adhere to the expense matching principle. We break an asset’s cost up and recognize it over its useful life. Straight line depreciation is calculated by subtracting salvage (residual) value from acquisition cost and dividing this by useful life. #accounting #study #explained #depreciation

In intro accounting class we learn that depreciation is a cost allocation concept that

TikTokaccountingprofessor

Replying to @i in intro accounting class we learn three inventory cost flow assumptions (specific identification tracks each item and is therefore not an assumption): FIFO (first-in first-out), LIFO (last-in first-out), and average cost. We use these to compute our cost of goods sold. Even though perpetual inventory systems are much more common for large companies, I illustrate these cost flow assumptions using a periodic system. #accounting #study #explained #inventory #lifo #fifo #averagecost

Replying to @i in intro accounting class we learn three inventory cost flow

TikTokaccountingprofessor

Accounting Basics

Jesse Alcaraz - Basics of Taxes and Licenses In this...

Jesse Alcaraz - Basics of Taxes and Licenses In this...

FacebookJesse Alcaraz

33.5K views2 months ago

How to Learn Accounting on Your Own

How to Learn Accounting on Your Own

wikiHowAra Oghoorian, CPA

574.3K views4 months ago

Accounting Principles. Concepts & Conventions. Basics Part 1. B.com/BBA/ B.com(H) semester 1

Accounting Principles. Concepts & Conventions. Basics Part 1. B.com/BBA/ B.com(H) semester 1

YouTubeBCom Corner

576 views4 months ago

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Free Guide: Small Business Accounting 101

Free Guide: Small Business Accounting 101

FacebookBench Accounting

32.5K viewsDec 12, 2018