What is a Contra Account?
Content Recording Contra Accounts Understanding Contra Accounts How Are Contra Accounts Reported in Financial Statements? How Would FIFO and LIFO Affect the Income Taxes Paid? Accounts A contra liability account is a liability account that is debited in order to offset a credit to another liability account. For example, if a piece of heavy machinery […]
A Beginners Guide to Small Business Tax Deductions
Content What Are the Business Expense Categories? Expert does your taxes How to Categorize Expenses: 14 Common Business Expenses The Plain-English Guide to Revenue Run Rate [Infographic] Businesses should open a checking account, savings account, credit card account and a merchant services account. The latter allows the business to accept credit and debit card transactions […]
University Equipment Capitalization Policy
Content Land Improvements Capitalizing software costs AccountingTools The impact of deferred tax allocation on earnings as a measure of firm performance When to Capitalize vs. Expense a Cost? Module 9: Property, Plant, and Equipment Depreciation is the process of allocating the cost of the asset to operations over the estimated useful life of the asset. […]