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Accounting

Home Office Expenses: Deducting Costs & Tax Benefits

A home office expense refers to the costs incurred through the performance of business activities within a primary residence. When work performed in the home office produces outside income, the Intern
Understanding Hobby Losses: Tax Implications & Deductions

The phrase “hobby loss” is a term used in accounting and tax that defines a particular type of loss or expense. A hobby loss refers to a net loss generated from a recreational activity or
Historical Cost Accounting: Definition & Importance

In accounting, the historical cost of an asset refers to its purchase price or its original monetary value. Based on the historical cost principle, the transactions of a business tend to be recorded a
Understanding Highest-In, First-Out (HIFO) Inventory Valuation

Highest-In First-Out (HIFO) is a type of stock distribution and valuation method. The HIFO method follows the concept that stock or inventory with the greatest purchasing costs is first to be sold, us
High-Low Method: Understanding & Application in Cost Accounting

In cost accounting, the high-low method is a technique used to split mixed costs into fixed and variable costsFixed and Variable CostsCost is something that can be classified in several ways depending
Held-to-Maturity Securities: Definition & Key Differences

Held to maturity securities are securities that companies purchase and intend to hold until they mature. They are unlike trading securitiesTrading SecuritiesTrading securities are securities purchased
Hedge Accounting Explained: A Comprehensive Guide

Hedge accounting is a practice in accounting where the entries used to adjust the fair value of a derivative also include the value of the opposing hedge for the security. In other words, hedge accoun
Headline Earnings: Understanding Core Business Performance

Headline earnings are a restatement of a company’s profit that removes the effect of one-time charges, write-downs, cost-cutting, and other extraordinary items like tax liabilities. Another way
Half-Year Convention for Depreciation: Understanding the Rules

The half-year convention for depreciation assumes fixed assetsFixed AssetsFixed assets refer to long-term tangible assets that are used in the operations of a business. They provide long-term financia
Gross vs. Net: Understanding the Difference - Definitions & Examples

Gross means the total or whole amount of something, whereas net means what remains from the whole after certain deductions are made. For example, a company with revenuesSales RevenueSales revenue is t
Gross Profit Explained: Definition, Calculation & Importance

The Gross Profit (GP) of a business is the accounting result obtained after deducting the cost of goods sold and sales returns/allowances from total sales revenueSales RevenueSales revenue is the
Gross Income Explained: Definition, Sources & Examples

Gross income refers to the total income earned by an individual on a paycheck before taxes and other deductions. It comprises all incomes received by an individual from all sources – including w
Understanding Goodwill Impairment: A Comprehensive Guide

Goodwill is acquired and recorded on the books when an entity purchases another entity for more than the fair market value of its assets. Per accounting standards, goodwill is recorded as an intangibl
Goodwill in Accounting: Definition & Value

In accounting, goodwill is an intangible assetIntangible AssetsAccording to the IFRS, intangible assets are identifiable, non-monetary assets without physical substance. Like all assets, intangible as
General Ledger (GL): Definition, Function & Importance

In accountingAccountingAccounting is a term that describes the process of consolidating financial information to make it clear and understandable for all, a General Ledger (GL) is a record of all past
Understanding the GAAP Hierarchy: A Comprehensive Guide

The GAAP hierarchy specifies the relative level of authority of accounting principles and guidelines under the Generally Accepted Accounting Principles that govern accounting standards in the United S
GAAP Explained: Understanding Generally Accepted Accounting Principles

GAAP, or Generally Accepted Accounting Principles, is a commonly recognized set of rules and procedures designed to govern corporate accounting and financial reportingSEC FilingsSEC filings are financ
Fully Depreciated Assets: Definition, Causes & Implications

A fully depreciated asset is an accounting term used to describe an asset that is worth the same as its salvage valueSalvage ValueSalvage value is the estimated amount that an asset is worth at the en
Full Disclosure Principle: Understanding Public Company Financial Reporting

The Full Disclosure Principle states that all relevant and necessary information for the understanding of a company’s financial statements must be included in public company filingsPublic Compan
Understanding Freight Expenses: A Comprehensive Guide

Freight expense refers to the price that is charged by a carrier for sending out cargo from the source location to the destination location. The expense is paid by the person who wants the goods trans

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Accounting

Accounting