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Category Archives for Financial Accounting Topics

Long-term Assets

Long-terms assets are assets which a company plans to hold for more than one year. Typically, when we think of long-term assets, we think of buildings, land and equipment. Long-term assets also include

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Weighted Average Inventory Method Calculations (Periodic & Perpetual)

Weighted Average Inventory Method? Most people know how to do a simple average, but have trouble with Weighted Average Inventory Method (or WAC). Weighted averages are all around us, although you may not

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Depreciation Methods

Choosing a Method of Depreciation There are various ways to depreciate an asset and each company must determine which method to use. There are a number of items to consider when making this determination,

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Introduction to current liabilities

What is a liability? A liability is an obligation that the company has to another party. Typically when we think of liabilities, we think of accounts payable or notes payable, but there are many other

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Sales Tax and Sales Tax Payable

What is sales tax? Sales tax is a tax on the price of a good or service. This tax is a percentage of the price and is added by the final seller. There are only five states in the United States that do

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Payroll and Payroll Taxes

Payroll is one of the most complicated areas of accounting because of all the rules and regulations surrounding payroll. Not only do we need to calculate taxes, but we also need to subtract things like

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