Accrual Concept in Accounting: Meaning, Importance and Example

It provides a more accurate picture of a company’s financial performance and helps to ensure that its financial statements are as accurate and complete as possible. An accrual is an accounting adjustment used to track and record revenues that have been earned but not...

Include Sales Tax in Your Pricing

Users can input the total price of a purchase, including the sales tax, and specify the sales tax rate. The calculator then performs the necessary calculations to determine the original price before the sales tax was added. This saves time and effort by automating the...

Waive vs Wave Understanding the Difference

Wave, waive, waver and waiver all sound similar, and it’ll help to keep you on your toes by knowing the differences and when to use them. Since waive contains the letter I, you can use all the I’s in the sentence “I waive my rights” to remember the most common context...

Retained Earnings: Calculation, Formula & Examples Bench Accounting

For example, if you prepare a yearly balance sheet, the current year’s opening balance of retained earnings would be the previous year’s closing balance of the retained earnings account. Instead, they reallocate a portion of the RE to common stock and additional...