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Articles & Books From Kenneth W. Boyd
A complete and easy-to-follow resource covering every critical step of the accounting processLearning to love the language of business is easier than you think! In the newly revised Third Edition of Accounting All-In-One For Dummies with Online Practice, finance expert Michael Taillard walks you through every step of the accounting process, from setting up your accounting system to auditing and detecting financial irregularities.
Take control of overhead, budgeting, and profitability with cost accounting Cost accounting is one of the most important skills in business, and its popularity as a course in undergraduate and graduate business and management programs speaks to its usefulness. But if you’ve ever felt intimidated by the subject’s jargon or concepts, you can stop worrying.
Cheat Sheet / Updated 04-12-2024
The certified public accountant (CPA) credential is a valuable tool for you to obtain. The designation will help you pursue a career in accounting and in other areas of business. To become a CPA, you must study for and pass the CPA exam. To increase your chances of success, you need to make sure you’ve prepared properly, including completing the necessary paperwork and requirements for your state, and study thoroughly for each of the four tests that make up the exam.
Cheat Sheet / Updated 12-15-2021
Cost accounting is a valuable tool you use to reduce and eliminate costs in a business. You also use cost accounting to determine a price for your product or service that will allow you to earn a reasonable profit.Familiarize yourself with the most important formulas, terms, and principles you need to know to apply cost accounting.
Cheat Sheet / Updated 02-28-2022
Accounting, as you may guess, involves a lot of math. As you practice various types of accounting problems, and when you begin doing accounting work for real, you will need to utilize various formulas to calculate the information you need.10 useful accounting formulasThe following are some of the most frequently used accounting formulas.
Article / Updated 03-26-2016
A direct labor variance is caused by differences in either wage rates or hours worked. As with direct materials variances, you can use either formulas or a diagram to compute direct labor variances.
Utilizing formulas to figure out direct labor variances
To estimate how the combination of wages and hours affects total costs, compute the total direct labor variance.
Article / Updated 03-26-2016
In cost accounting, an effective budget applies the matching principle. The principle says you should match the timing of the expenses of creating and delivering your product or service with the timing of getting revenue from the sale. This is accrual basis accounting.
Accrual accounting ensures that revenue is better matched with the expenses incurred to generate revenue.
Article / Updated 03-26-2016
In cost accounting, fixed overhead costs are costs that stay the same even as the level of activity changes. Your goal is to reduce fixed overhead costs and generate more profit.
The name of the game for overhead is to look at the activities that cause you to incur cost and decide if those activities are necessary for production.
Article / Updated 03-26-2016
Economic order quantity (EOQ) is a decision tool used in cost accounting. It’s a formula that allows you to calculate the ideal quantity of inventory to order for a given product. The calculation is designed to minimize ordering and carrying costs. It goes back to 1913, when Ford W. Harris wrote an article called “How Many Parts to Make at Once.
Article / Updated 03-26-2016
When cost accounting, you increase and decrease account balances using debits and credits. Business owners need to know these terms because they can’t understand your accounting process without them. Here are rules that never change:
Debits: Always posted on the left side of an account
Credits: Always posted on the right side of an account
So all accounts are formatted like this:
Material Control
Debit
Credit
In accounting, debit and credit don’t mean
the same things they do in common talk.