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Accounting

Understanding Gross Annual Income: Definition & Calculation

Annual income is the total value of income earned during a fiscal yearFiscal Year (FY)A fiscal year (FY) is a 12-month or 52-week period of time used by governments and businesses for accounting purpo
Ancillary Revenue: Definition, Examples & Maximization

Ancillary revenue is income a company generates from selling goods and services that are not a primary revenue streamRevenue StreamsRevenue Streams are the various sources from which a business earns
Understanding Amortization of Intangible Assets: A Comprehensive Guide

In this article, we will discuss the amortization of intangible assets. Intangible assets refer to assets of a company that are not physical in nature. They include trademarks, customer lists, goodwil
Amortization Explained: Understanding Debt Repayment & Schedules

Amortization refers to the process of paying off a debt through scheduled, pre-determined installments that include principal and interestDebt ScheduleA debt schedule lays out all of the debt a busine
Amended Tax Return: Definition, Filing & 1040-X Form

An amended return is filed with the tax authority to make corrections to a previous year’s tax return. The tax return’s amended version can increase tax benefits or tax liability, dependin
Alternative Depreciation System (ADS): Definition & IRS Requirements

The Alternative Depreciation System (ADS) is a method of calculating the depreciation of certain types of assets in special circumstances. The ADS system is required by the Internal Revenue Service (I
Understanding Allowed Depreciation: Tax Deductions for Businesses

Allowed depreciation refers to the depreciation that a business is allowed to deduct from its tax liabilities. The annual depreciation of assets needs to be considered while calculating an individual&
Allowance for Doubtful Accounts: Definition & Purpose

The allowance for doubtful accounts is a contra-asset account that is associated with accounts receivableAccounts ReceivableAccounts Receivable (AR) represents the credit sales of a business, which ha
Allocative Efficiency: Understanding Optimal Resource Allocation

Allocative efficiency is the level of output where marginal cost is as close as possible to the marginal benefits. It means that the price of the product or serviceProducts and ServicesA product is a
Understanding After-Tax Income: A Comprehensive Guide

After-tax income refers to the net income after deducting all applicable taxes. Therefore, the after-tax income is simply one’s gross income minus taxes. For individuals and corporations, the af
Understanding Administrative Expenses: A Comprehensive Guide

Administrative expenses refer to the costs incurred by a company or organization that include, but are not limited to, the salaries and benefitsRemunerationRemuneration is any type of compensation or
Understanding Adjusting Journal Entries: A Comprehensive Guide

An adjusting journal entry is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred. It is a result of accrual accountingAccrual Accountin
Understanding Adjusting Entries: A Guide to Accurate Financial Reporting

Adjusting entries are required at the end of each fiscal period to align the revenues and expenses to the “right” period, in accord with the matching principleMatching PrincipleThe matchin
Understanding Adjusted Gross Income (AGI): Definition & Calculation

Adjusted Gross Income (AGI) refers to an individual’s total gross income less specific deductions. AGI is the starting point to compute the tax due from an individual taxpayer in the United Stat
Additional Paid-In Capital vs. Contributed Capital: Key Differences Explained

The shareholders’ equity section of the balance sheet contains related amounts called additional paid-in capital and contributed capital. The key difference between additional paid-in capital vs
Understanding Additional Paid-In Capital (APIC): Definition & Significance

Additional Paid In Capital (APIC) is the value of share capital above its stated par value and is an accounting item under Shareholders’ Equity on the balance sheet. APIC can be created whenever
Understanding Actuarial Gains and Losses in Pensions

Actuarial gains or losses refer to the differences between an employer’s actual pension payments relative to the expected payments. When the employer’s payments are higher than expected, i
Activity-Based Costing (ABC): A Comprehensive Guide

Activity-based costing is a more specific way of allocating overhead costs based on “activities” that actually contribute to overhead costs. In job-order costingJob Order Costing GuideJob
Activity Cost Drivers: Definition & Importance for Profitability

An activity cost driver refers to actions that cause variable costsVariable CostsVariable costs are expenses that vary in proportion to the volume of goods or services that a business produces. In oth
Understanding the Acquisition and Payment Cycle: A Comprehensive Guide

The Acquisition and Payment Cycle (also referred to as the PPP Cycle for Purchases, Payables, and Payments) consists mainly of two classes of transactions. The first class is the acquisition class. Th

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Accounting

Accounting