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A third classification of adjusting entry occurs where the exact amount of an expense cannot easily be determined. The depreciation of fixed assets, for example, is an expense which has to be estimated. The entry for bad debt expense can also be classified as an estimate.
The Internal Revenue Service (IRS) publishes detailed tables of lives by classes of assets. The deduction for depreciation is computed under one of two methods (declining balance switching to straight line or straight line) at the election of the taxpayer, with limitations. [1] See IRS Publication 946 for a 120-page guide to MACRS.
A company's earnings before interest, taxes, depreciation, and amortization (commonly abbreviated EBITDA, [1] pronounced / ˈ iː b ɪ t d ɑː,-b ə-, ˈ ɛ-/ [2]) is a measure of a company's profitability of the operating business only, thus before any effects of indebtedness, state-mandated payments, and costs required to maintain its asset ...
The chart of accounts is the table of contents of the general ledger. Totaling of all debits and credits in the general ledger at the end of a financial period is known as trial balance. "Daybooks" or journals are used to list every single transaction that took place during the day, and the list is totaled at the end of the day.
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A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
Nearly 1,200 Americans shared with BI their financial regrets. Many of the baby boomer respondents said they had regrets about preparing for retirement.
Grant Nelson had 23 points and 10 rebounds in his return to his home state and No. 6 Alabama overcame Treysen Eaglestaff's big night to hold off North Dakota 97-90 on Wednesday night. Mark Sears ...