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Bookkeeping
Economies of Scope and Joint Products
The COGS must accurately reflect the costs incurred in producing the goods sold, including the costs of joint and by-products. Cost accountants must ensure that allocating joint and by-product costs for tax purposes complies with IRS regulations. In manufacturing, joint products are two or more products that are produced from a common set of raw […]Continue reading
15 Accounting Payment Terms and How to Use Them
For instance, the company has paid a salary to its employees of $25,000 in total via bank transfer. However, the bank has issued additional commission that month, which cost the business $5,500 of unexpected expenses. As a result, the accountant had to correct the original entry and report $30,500 as a total sum. Accounting payment […]Continue reading
