This means that gifts made during a person’s lifetime may be subject to taxation in Oregon. The Oregon estate tax applies to gifts made within three years of a person’s death, and the value of these gifts is included in the calculation of the total estate for tax purposes. It is important to consult with …
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The balance sheet reports the assets, liabilities, and owner’s (stockholders’) equity at a specific point in time, such as December 31. The balance sheet is also referred to as the Statement of Financial Position. When inventory items are acquired or produced at varying costs, the company will need to make nonmanufacturing costs an assumption on …
What are the differences between financial accounting and managerial accounting? You will also get an overview of the financial statement and a brief overview of the financial accounting standards. Investors considering a company value the statement of retained earnings because it provides insights into the mindset and motivations of the business’s management team. Higher retained …
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Accumulated depreciation refers to the total amount of depreciation expense charged against a fixed asset since it was put into service. It accumulates over the asset’s useful life and helps reduce the asset’s book value on the balance sheet. Accumulated depreciation is a contra-asset account that tracks the total depreciation of a company’s assets over …
Accumulated Depreciation Normal Balance in Accounting Basics Read More »
(a) Employees performing babysitting services on a casual basis, as defined in § 552.5 are excluded from the minimum wage and overtime provisions of the Act. The rationale for this exclusion is that such persons are usually not dependent upon the income from rendering such services for their livelihood. If you’re a household employee, you’ll …
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Accounting Research Bulletins (ARBs) have played a pivotal role in shaping the landscape of financial reporting and accounting standards. The bulletins were issued during the 1953 to 1959 time period, and were an early effort to rationalize the general practice of accounting as it existed at that time. The Statement of Financial Accounting Concepts is …