Bookkeeping

All indirect costs must be apportioned to the particular activities that they relate to using an appropriate basis. Staff may be asked, for example, to estimate how much time they spend on each of the activities above so that factory staff costs can be apportioned to the relevant activities. Other costs such as rent and […]

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The Allowance for Doubtful Accounts represents a contra asset account that reduces accounts receivable. This account estimates the portion of receivables that a company believes will not be collected, indicating a more accurate value of potential revenue. Revenue is an income statement account, but it flows through to the equity section of retained earnings as