Category Archives: Bookkeeping

recording depreciation expense for a partial year 6

Partial Year Depreciation ACCT 2101, University of Georgia In this example, the depreciation will continue until the credit balance in Accumulated Depreciation reaches $10,000 (the equipment’s depreciable cost). If the equipment continues to be used, no further depreciation expense will be reported. The account balances remain in the general ledger until the equipment is sold, […]

Nonprofits: How to report collaborative activities

Accrual accounting allows you to match your expenses to the revenue they generate, so you can make more informed decisions and better projections. This explains why it is the most recommended option required by Generally Accepted Accounting Principles (GAAP) for nonprofits. This means that if you receive a pledge from an individual or organization but […]

We Answer: What Are Expense Reimbursements? And Other FAQs

The lower the expense ratio the better because an investor receives higher returns on their invested capital. The Fidelity Contrafund (FCNTX) is one of the largest actively managed funds in the marketplace, with an expense ratio of 0.39% ($39 per $10,000 invested). This fund is much expense check meaning more highly weighted toward communication services […]

Expert Bookkeeper in Chicago Small Business Accounting Services

We’re a highly engaged, small business payroll company near Chicago, Illinois. We’re an accountant near Chicago Illinois that serves small businesses across the United States, and while we serve any types of small business, here are just a few of the industries we specialize in. Our 75-point review highlights what needs improvement for better accuracy and […]

What is straight-line depreciation: Formula & examples

The net of the asset and its related contra asset account is referred to as the asset’s book value or carrying value. Since depreciation is not intended to report a depreciable asset’s market value, it is possible that the asset’s market value is significantly less than the asset’s book value or carrying amount. The accounting […]

Accounting Sacramento City College

The Accounting degree is designed to provide the knowledge necessary for immediate employment at an entry or intermediate level accounting, recordkeeping, or clerk position with many private sector and government organizations. The degree is also designed to provide an excellent base of knowledge for those who would like to pursue an advanced degree in accounting, […]