The opening balance equity account is a temporary account that should be zeroed out after the initial setup. Keep in mind that closing the balance equity to retained earnings or to owner’s equity is essentially the same concept. Remember that closing the balance equity to retained earnings or owner’s equity is basically the same con

For example, say an employee has 24 hours of PTO and has already taken eight hours off. Those eight hours have already been paid out and are an expense. The remaining 16 hours are still owed to the employee and are, therefore, a liability to the company. A liability is an amount you owe, while […]

The moment one extra unit produced does not generate the required return, the business needs to modify its production process. The term incremental cost refers to the cost that the business incurs for producing an extra unit. The incremental cost is an important calculation for firms to determine the change in expenses they will incur [

Quality should encompass not only the products or services you provide but also the quality of customer interactions at every stage of engagement. Ensure that a commitment to quality permeates every aspect of your operations, from production and logistics to inventory management and your finance department. You should establish a detail