What is journal entry for commission received?

Commission Income is the primary revenue account of businesses that primarily make money from making sales or closing deals for third parties. Examples include real estate brokers, stock brokers, insurance agencies, travel agencies, and the like. Commission income is the income that companies or brokers earn. This income comes from customers to whom these parties […]

Margin of Safety Formula: How to Calculate Margin of Safety

Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Clear can also help you in getting your business registered for Goods & Services Tax Law. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile […]

What is Management Accounting? University of the Potomac

Decision making is defined as the selection of a course of action from among alternatives. Management accounting furnishes accounting data and statistical information required for the decision-making process, which vitally affects the survival and the success of the business. The modification of data in similar groups makes the data more useful and understandable. Unlike financial […]

Solved: What is box 14 code s125 for and did it lower my tax refund

However, your life insurance premiums on coverage over $50,000 are subject to Social Security and Medicare taxes, but not federal income tax. Boxes 1, 3 and 5 of your W-2 respectively stand for your federal, Social Security and Medicare taxable wages. Your cafeteria plan premiums aren’t included in the taxable wages of those boxes if […]

MRO Taxonomy MRO Data Taxonomy UNSPSC

Thinking about implementing a structured identification taxonomy prompts the question if it should support external users as well as you own internal users? Then compliant items could be read and understood by all business partners including Suppliers and outsourced work providers. My observation is that there is not an in use ready for prime-time universal […]

Accounting consulting: How to become an accounting consultant Thomson Reuters

In addition to a bachelor’s degree in business or a related field, you can expect to need a minimum of five years in a financial occupation before landing a financial manager job. Additionally, obtaining a CPA license or CFA certification can help you stand out among other applicants. Instead of a degree focused only on […]