Accounting

What are 4 types of revenue? Types of revenue accounts Sales. Rent revenue. Dividend revenue. Interest revenue. Contra revenue (sales return and sales discount) Read more on www.patriotsoftware.com The lifeblood of any firm is revenue. It alludes to the cash that a business makes from the selling of goods or services. A business can generally … Read more

What is the most important thing in balance sheet? Many experts believe that the most important areas on a balance sheet are cash, accounts receivable, short-term investments, property, plant, equipment, and other major liabilities. Read more on www.investopedia.com One of the most crucial elements of a balance sheet is retained earnings. These earnings are a … Read more

What is a New Mexico CRS account? During registration, each business will be provided with a State Tax ID number, also known as a Combined Reporting System (CRS) ID Number. This registration it is used to report and pay tax collected on gross receipts from business conducted in New Mexico. Read more on kb.drakesoftware.com It … Read more

What is the highest paid accountant? Top 10 Highest Paying Accounting Careers 1) Financial Controller. 2) CMA (Certified Management Accountant) 3) Chartered Accountant. 4) Bank Branch Manager. 5) CGA (Certified General Accountant) 6) Senior Accountant. 7) Financial Analyst. 8) Credit Supervisor. Read more on brightoncollege.com One of the most reliable and rewarding professions out there … Read more

What do the terms 3/10 Net 60 mean? 3/10 net 30: 3% early payment discount within 10 days, or the total amount of the invoice due in 30 days. 3/20 net 60: 3% early payment discount within 20 days, or the total amount of the invoice due in 60 days. 2/EOM net 45: 2% early … Read more

What is the difference between cash-basis and tax basis? Under the cash method, you generally report income in the tax year you receive it, and deduct expenses in the tax year in which you pay the expenses. Under the accrual method, you generally report income in the tax year you earn it, regardless of when … Read more

How do you record rental revenue? To account for rent income you have earned but will collect at a later date, debit the rent receivable account by the portion earned, and credit the rent income account by the same amount. The debit increases the receivables account, which is an asset that shows money your tenant … Read more

Why is net sales higher than gross sales? Because net sales are the combination of gross sales and any deductions, net sales are always lower than gross sales. When making deductions, you always subtract returns, allowances and discounts. Calculating gross sales involves multiplying total sales by item price or adding the amount of all transactions. … Read more

How do I collect money? Here are 10 tips to help you collect bills faster and deal with late payers. Be clear about payment terms. Get invoices out faster. Explore mobile billing technology. Track outstanding bills. Cultivate relationships. Pursue late bills diligently. But be flexible. Offer early-payment discounts. Read more on www.bdc.ca A vital aspect … Read more

What should an entry level accountant know? Entry Level Accountant Requirements. Good organizational abilities. Excellent numerical and analytical skills. Knowledge of accounting and financial reporting competencies. Proficiency in MS Office and competency in computer software (e.g. SAP). Read more on www.betterteam.com The field of accounting has been around for centuries. It is a crucial component … Read more