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Accounting

Straight-Line Depreciation: Understanding the Basics

The straight line basis is a method used to determine an asset’s rate of reduction in value over its useful lifespan. Other common methods used to calculate depreciation expenses of fixed assets
Understanding Stockholders Equity: A Comprehensive Guide

Stockholders Equity (also known as Shareholders Equity) is an account on a company’s balance sheetBalance SheetThe balance sheet is one of the three fundamental financial statements. The financi
Stock-Based Compensation (SBC): A Comprehensive Guide

Stock Based Compensation (also called Share-Based Compensation or Equity Compensation) is a way of paying employees, executives, and directors of a company with equity in the business. It is typically
Understanding Step Costs: A Guide for Business Growth

Step costs, also called stair-step costs, are costs that do not change in direct proportion to increasing levels of activity. In other words, step costs are constant at a certain activity level but in
Understanding the Statement of Comprehensive Income: A Comprehensive Guide

The statement of comprehensive income is a financial statementAnalysis of Financial StatementsHow to perform Analysis of Financial Statements. This guide will teach you to perform financial statement
Understanding the Statement of Cash Flows: A Comprehensive Guide

The Statement of Cash Flows (also referred to as the cash flow statementCash Flow StatementA cash flow Statement contains information on how much cash a company generated and used during a give
Standard Mileage Rate: IRS Deduction for Business Vehicle Use

A standard mileage rate is the dollar amount per mile imposed by the Internal Revenue Service (IRS) when calculating the deductible costs for business use of automobiles. The standard mileage rate is
Specific Identification Method: A Comprehensive Guide for Inventory Valuation

The specific identification method relates to inventory valuationInventory ValuationInventory valuation refers to the practice of accounting for the value of a business inventory. Business inventories
Special Revenue Funds: Definition & Purpose for Government Entities

A special revenue fund is a fund that is used by government entities to accumulate proceeds from certain revenue sources whose use is restricted to specific purposes or activities. The primary reason
Understanding Special Items: Definition and Significance

A special item is an unusual transaction or event that management discloses separately that is not expected to recur on a regular basis. Special items occur during normal business cyclesBusiness Cycle
Sources and Uses of Funds Statement: Definition & Explanation

A sources and uses of funds statement is a summary of a firm’s changes in financial position from one period to another. It is also called a flow of funds statement or a statement of changes in
Understanding Source Documents: A Comprehensive Guide

Every time a business is involved in a financial transaction, a paper trail is generated. This paper trail is referred to in accounting as source documents. Whether checks are written to be paid out,
Shareholders' Equity: Understanding Owner's Claim on Company Assets

Shareholders’ equity refers to the owners’ claim on the assets of a company after debts have been settled. It is also known as share capitalShare CapitalShare capital (shareholders capital
Share Capital: Definition, Types & Importance for Businesses

Share capital (shareholders’ capital, equity capital, contributed capital,Contributed SurplusContributed surplus is an account in the shareholders’ equity section of the balance sheet that
Understanding Selling, General & Administrative (SG&A) Expenses

SG&A includes all non-production expenses incurred by a company in any given period. It includes expenses such as rent, advertising, marketing, accounting, litigation, travel, meals, management sa
Section 338 of the IRS Tax Code: Understanding Stock Acquisitions

The United States Congress enacted Section 338 in 1982 to allow taxpayers to treat certain qualified stock purchasesStock AcquisitionIn a stock acquisition, the individual shareholder(s) sell their in
Understanding Schedule K-1: A Comprehensive Guide

Schedule K-1 is an Internal Revenue Service (IRS) tax form used for business partnershipsPartnershipA partnership is a type of business where two or more people establish and run a business together.
Schedule C: Understanding Profit & Loss for Sole Proprietors

The Schedule C tax form is used to report profit or loss from a business. It is a form that sole proprietorsSole ProprietorshipA sole proprietorship (also known as individual entrepreneurship, sole tr
Understanding Same-Store Sales: A Key Retail Performance Indicator

Same-store sales, also known as comparable-store sales, is a financial metric commonly used by companies in the retail industry to evaluate the performance of existing stores. Importance of
Understanding Salvage Value: Definition & Importance

Salvage value is the amount that an asset is estimated to be worth at the end of its useful life. It is also known as scrap value or residual value, and is used when determining the annual depreciatio

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Accounting

Accounting