Preparing the Books for a Small Business

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How to Prepare Part 2 of a Cost of Production Report

The second part of the cost of production report accounts for the units that the first part indicates the department is responsible for. During April, the Balloon department finished working on 1,900 clowns [more…]

How to Prepare Part 4 of a Cost of Production Report

Part 4 of the cost of production report requires you to compute the costs accounted for, also called the cost reconciliation schedule. This schedule computes the cost of goods transferred out [more…]

Financial Accounting and Reporting by Government and Not-for-Profit Entities

The world of financial accounting and reporting can be divided into two hemispheres: for-profit business entities and not-for-profit entities. Accounting and financial reporting standards have also evolved [more…]

Recording Short-Term Debt Transactions for Your Business

Most businesses borrow money for both short-term periods (periods of one year or less) and long-term periods (periods of more than one year). Short-term debt usually involves some form of credit-card debt [more…]

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