Profit Center: The Complete Guide [+ Examples]
Everything you need to know about profit centers [explained by a Certified Accountant] Share on facebook Share on twitter Share on pinterest Share on linkedin Contents What is a Profit Center? Profit Center: Definition Profit center is a division, function, product, service, region or any other segment of an organization for which performance is measured […]
Revenue Center: Complete Guide [+ Examples]
Everything you need to know about revenue centers [explained by a Certified Accountant] Share on facebook Share on twitter Share on pinterest Share on linkedin Contents Explanation: What is a Revenue Center? Revenue Center: Definition Revenue center is a distinct operating unit of a business that is responsible for direct interaction with customers to sell […]
Cost Driver | Cost Object | Cost Unit | Cost Center | Cost Account
What’s the difference between Cost Driver, Cost Object, Cost Unit, Cost Center and Cost Account? Share on facebook Share on twitter Share on pinterest Share on linkedin Example: Electricity units consumed as a basis for an electricity bill. Cost Driver Resources consumed as a direct cause of the total cost incurred. Example: Electricity units consumed […]
Cost Object: The Complete Guide [+ Examples]
Everything you need to know about cost objects [explained by a Certified Accountant] Share on facebook Share on twitter Share on pinterest Share on linkedin Contents Definition: What is a Cost Object? A cost object is a financial term used in management accounting that represents any part of a business for which costs are being […]
Direct Costs & Indirect Costs: Complete Guide [+ Examples]
Everything you need to know about direct and indirect costs [explained by a Certified Accountant] Share on facebook Share on twitter Share on pinterest Share on linkedin Contents Explanation: What Are Direct and Indirect Costs? Definition: What are Direct Costs? Direct costs are business expenditures directly attributable to a specific cost object–such as a particular […]
Chart of Accounts: Complete Guide [+ Examples]
Everything you need to know about the Chart of Accounts [explained by a Certitfied Accountant] Share on facebook Share on twitter Share on pinterest Share on linkedin Contents Explanation: What Is a Chart of Accounts? Chart of accounts is an index of general ledger accounts that provides a complete list of account names in a […]
Suspense Account: The Complete Guide [+ Examples]
Everything you need to know about suspense accounts Share on facebook Share on twitter Share on pinterest Share on linkedin Contents Definition: What Is a Suspense Account? Suspense account is a holding account used in accounting and finance to temporarily record financial transactions until they are transferred to their designated destination, including entries that are […]
Intangible Assets: The Complete Guide
Everything you need to know about intangible assets (with examples!) Contents Share on facebook Share on twitter Share on pinterest Share on linkedin Definition: What Are Intangible Assets? An intangible asset is a long-term resource without physical substance that cannot be seen, touched or physically measured, from which a business expects to generate economic returns […]
Petty Cash Fund: The Complete Guide
Examples | Amount | Rules | Process | Templates | … Everything you need to know Share on facebook Share on twitter Share on pinterest Share on linkedin Definition: What Is Petty Cash? Petty cash, or petty cash fund, is a small amount of physical currency kept on hand to conveniently pay for miscellaneous minor […]
Current Assets: The Complete Guide
Everything you need to know about current assets Share on facebook Share on twitter Share on pinterest Share on linkedin Share on facebook Share on twitter Share on pinterest Share on linkedin Contents Definition: What Are Current Assets? Current assets, or current accounts, is a balance sheet category of short-term economic resources controlled by an […]