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What accounting principle requires revenue to be reported when earned?
In GAAP there are two basic accounting principles. The first being Accrual (which is the most commonly used) and the second being Cash Basis.Neither stipulate that income has to be "earned" before it is reported. The difference in the two are:Accrual basis accounting transactions are reported as they happen.1. For example, a contractor gets paid to remodel a home, he's received the money for the job, but hasn't earned it, completed the work. Accrual account states that this transaction be recorded as a liability (unearned revenue) to the company until the revenue is earned.2. Say the opposite is true in accrual accounting, the contractor finished the remodeling but isn't expected to be paid for it until later in the future. The company records this transaction as an asset (account receivable).Now let's look at Cash Basis: Cash basis states that a transaction didn't actually happen until such time the money is received, period. Take example 1, a transaction in cash basis accounting is recorded because money was actually received, even though it hasn't been earned.Example number 2 however, would be no recording of the transaction, although the job was finished, no money exchanged hands as of yet.This is why many businesses use accrual accounting. Only small companies that generally deal in cash or small amounts tend to lean toward cash basis accounting and it is still not recognized as a very good method of accounting by the GAAP.
What is a tax lean certificate?
I have NO IDEA what so ever
What is difference between associate accountant and account assistant?
I've been an accountant for the past 22 years and I've managed a $165 million federal government contract for all those years with 334 staff and approximately 1,200 independent contractors. Now I know folks will disagree with me..and that's okay. But in my experience, an "associate accountant" (AA) handles the most basic functions of accounting. They prepare bank deposit slips for cash receipts, stamp company endorsements on the back of checks, but their supervisor signs off on the deposit record (Report of Collection) and signs off when the deposit slip is returned from the bank as received for the same amount as deposited. An AA will match receiving documents with invoices and Purchase Orders. If a lower level staff member can accomplish that, the the AA will review and approve their work. The AA may also enter the invoice into the Accounts Payable module as long as there is a supervisor's review and approval before the invoice is paid. AAs may review and calculate payroll as to hours worked on a time sheet, calculate straight hours, over-time, night differentials, but typically under supervision prior to entry into the payroll module.As a minimum, AAs have at least two years of college experience with an emphasis on Accounting, Finance or Business Administration, (although I lean towards Accounting). I hire 4 year graduates with the intention of teaching them the business.An Account Assistant (Account Clerk) is generally a smart individual. Most times they do not have a college education or may be in the process of getting one. They can be relied upon to manage established systems such as matching receiving documents with Purchase Orders, handling Petty Cash under an AA's supervison, initial entry of invoices into an Accounts Payable module with supervision and general clerical duties such as accounts payable file maintenance and photocopying. Please do not discount the value of these individuals. In many instances, they are the core of many financial units. But they are the front line and supervisors should be readily available to answer questions and provide policy and direction.
What is A liability created when cash is received in advance of performing a service for a customer?
The only real liability is if the service is not rendered. If that happens money has been received with nothing in return. The one getting the service can have charges reversed if they choose and in most cases have up to 6 mos to do it. They can also have an option of placing a mechanics lean against yo and the company.
How much surplus should a small charity carry with an income of 100 grand?
A small charity with an income of $100,000 should ideally carry a surplus of 3 to 6 months' worth of operating expenses to ensure financial stability and sustainability. This typically translates to a surplus of $25,000 to $50,000. This reserve can help the charity navigate unforeseen challenges and maintain operations during lean periods. Ultimately, the specific amount may vary based on the charity's mission, operational needs, and risk tolerance.
What are the different accounting concepts and principle?
One accounting concept is based around the principles of lean thinking. This is used by companies that employ such methods as lean manufacturing, lean product development, and other lean strategies. Lean Accounting uses cost, management, and financial accounting methods that are based on lean principles. Lean Accounting supports and motivates lean thinking and lean improvement throughout an organization. This is in contrast to more traditional accounting methods that are hostile to lean thinking because they reflect the traditional management principles that are counter to lean thinking.
What has the author Robin Cooper written?
Robin Cooper has written: 'When lean enterprises collide' -- subject(s): Case studies, Competition, Cost control, Costs, Costs, Industrial, Industrial Costs, Japan, Manufactures, Manufacturing industries, Production management 'The rise of activity-based costing' 'The design of cost management systems' -- subject(s): Managerial accounting, Cost accounting 'CABIS, computer-aided bookkeeping instruction system' -- subject(s): Computer-assisted instruction, Accounting, Bookkeeping
Why is lean production is called lean?
"Lean", I presume you mean "Just in Time" and not that all of the production employees are leaning against the wall because there is nothing for them to do... In lean production, you match your output to demand and keep less stock in the warehouse.
What is lean production and the importance of lean production?
Lean Production is a well consolidated style of production, mostly related to the Manufacturing Industry.Lean Production is often called Lean Manufacturing.In a nutshell:Lean Production is "lean" because it has no "fat", where fat is "waste". Therefore Lean Production is synonymous with "waste-less" production.Why is it important?Because Lean Production is a primary target for today's manufacturing industry: for survival, competitiveness and excellence.Lean Production uses much less space - takes much less time - originates much less errors and defects - consumes much less resources - and satisfies customers much more compared to traditional "mass production" (batch production - lot production).
What has the Lean Six Sigma concept to do with waste?
The Lean Six Sigma (combing Lean and Six Sigma) is a managerial concept that results in the elimination of the seven kinds of wastes and provision of goods and services.
What is lean production?
Lean Production is a well consolidated style of production, mostly related to the Manufacturing Industry.Lean Production is often called Lean Manufacturing.In a nutshell:Lean Production is "lean" because it has no "fat", where fat is "waste". Therefore Lean Production is synonymous with "waste-less" production.Generally, in a Lean Production Line:materials flow continuously (Continuous Flow) from Processing Station to Procession Stationswith little/no time and space gap in between processing stationsvalue is added to materials at all Processing Stationswith minimal/no waste (idling, parking, moving, checking, counting, etc.) between processing stationswith minimal/no waste in the operation being performed at each Processing Stationuntil the final product is ready with no defects
Who developed the principles of lean production?
Lean production is a production process developed by the Japanese manufacturing industry, in particular Toyota. The core concept of the idea is to preserve value with less work I.e less wastage.
What is lean product?
Lean Production is a well consolidated style of production, mostly related to the Manufacturing Industry.Lean Production is often called Lean Manufacturing.In a nutshell:Lean Production is "lean" because it has no "fat", where fat is "waste". Therefore Lean Production is synonymous with "waste-less" production.Generally, in a Lean Production Line:materials flow continuously (Continuous Flow) from Processing Station to Procession Stationswith little/no time and space gap in between processing stationsvalue is added to materials at all Processing Stationswith minimal/no waste (idling, parking, moving, checking, counting, etc.) between processing stationswith minimal/no waste in the operation being performed at each Processing Stationuntil the final product is ready with no defects
What has the author Gary Conner written?
Gary Conner has written: 'Lean manufacturing for the small shop' -- subject(s): Management, Production management, Production scheduling, Small business 'Lean Manufacturing'
Discuss the advantages and disadvantages of lean production in an aircraft manufatrurer?
Nuggets
Define lean logic?
Lean logic is defined as activities that are designed to reach high volume production while using the least possible in work in progress, raw material inventories, and finished goods. Internal demand or customer demand triggers production in lean logic.
How can lean manufacturing and near-sourcing help a company gain a competitive edge and prepare for the future?
Lean ManufacturingLean manufacturing is the production of goods using less of everything than in mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. A company becomes lean by continuously increasing its capacity to produce high-quality goods while decreasing its need for resources.23 Here are some characteristics of lean companies:24 lean manufacturingThe production of goods using less of everything compared to mass production.
