Andinet Accounting System Design, Tax Advise & Declaration Service

23/12/2019

05/12/2019

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28/10/2019

Types of Financial Statements ....

21/10/2019

Accounting assumption,....

16/10/2019

Deferred Revenue and Accrued Expenses
Deferred revenue:- also known as unearned revenue, refers to advance payments a company receives for products or services that are to be delivered or performed in the future. The company that receives the prepayment records the amount as unearned revenue on its balance sheet as a liability.

Accrued expenses:- are expenses that have occurred but are not yet recorded in the company's general ledger. This means these expenses will not appear on the financial statements unless an adjusting entry is entered prior to issuing the financial statements.

16/10/2019

Golden Rules of Accounting

10/10/2019

Some Tips about Product Costs
Product costs are the costs directly incurred from the manufacturing process. The three basic categories of product costs are detailed below:

1. Direct material
Direct material costs are the costs of raw materials or parts that go directly into producing products. For example, if Company A is a toy manufacturer, an example of a direct material costs would be the plastic used to make the toys.

2. Direct labor
Direct labor costs are the wages, benefits, and insurance that are paid to employees who are directly involved in manufacturing and producing the goods – for example, workers on the assembly line or those who use the machinery to make the products.

3. Manufacturing overhead
Manufacturing overhead costs include direct factory-related costs that are incurred when producing a product, such as the cost of machinery and the cost to operate the machinery. Manufacturing overhead costs also include some indirect costs, such as the following:
• Indirect materials: Indirect materials are materials that are used in the production process but that are not directly traceable to the product. For example, glue, oil, tape, cleaning supplies, etc. are classified as indirect materials.
• Indirect labor: Indirect labor is the labor of those who are not directly involved in the production of the products. An example would be security guards, supervisors, and quality assurance workers in the factory. Their wages and benefits would be classified as indirect labor costs.