Bookkeeping

Regardless of whether we have return or allowance, the process is exactly the same under the periodic inventory system. The perpetual inventory system gives real-time updates and keeps a constant flow of…

For example, utilities are already consumed by a business but the business only receives the bill in the next month after the utilities have been consumed. The business, therefore, makes…

Although land is a fixed asset, accumulated depreciation does not apply to it. This is because land is an asset that does not outgrow its usefulness over time. An US…