This data may be created in several ways, each with its own set of controls [13]. EMA is described as a system that enables the identification, quantification, examination, and understanding of a company’s environmental aspects by utilizing ecological planning and…

The direct costs portion of the income statement is where the net sales can be found. Net sales show you how many customers are using your early-payment discount. If these discounts are increasing, it means more of your customers are…

To these companies, ERP is as indispensable as the electricity that keeps the lights on. To eliminate unnecessary processes and centralize work, they chose the Oracle NetSuite ERP system. Immediately, Fulton & Rourk was better able to identify accounting errors…

Another common contra liability account is a Discount on Bonds Payable account used by businesses that issue their own bonds. A contra asset account is an asset account where the account balance is a credit balance. It is described as…

A nonprofit designation and tax-exempt status are given only to organizations that further religious, scientific, charitable, educational, literary, health, or other beneficial causes. Examples of nonprofit organizations include hospitals, universities, charities, churches, and foundations. However, not-for-profits are not required to operate for…

The journal entry is a debit to the allowance for doubtful accounts and a credit to the accounts receivable account. Again, it may be necessary to debit the sales taxes payable account if sales taxes were charged on the original…

The company predicts which accounts receivable won’t be paid by customers and writes those off. When the account receivable is written off, it is added to bad debt expense on the income statement and placed in the contra account. If…

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