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A sole proprietorship is a simple form of business where there is one owner. However, for accounting purposes the economic entity assumption results in the sole proprietorship’s business transactions being accounted for separately from the owner’s personal transactions. A current liability account that reports the amounts owed to employees for hours worked but not yet …

Bookkeeping 101: A Beginners Tutorial to Bookkeeping Read More »

During December, it placed property in service for which it must use the mid-quarter convention. This is a short tax year of other than 4 or 8 full calendar months, so it must determine the midpoint of each quarter. The depreciation for the computer for a full year is $2,000 ($5,000 × 0.40). You placed …

Accounting Entries for Depreciation Expenses With Example Read More »

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Best Trading Books of All Time Top 16 Must-Read Read More »

Besides the cost savings of manufacturing closer to the market, the lead time for adapting to changes in the market is faster. Localization, the process of manufacturing products for the local market, is an approach to keeping some manufacturing offshore and bringing some of it back. Companies such as ET Water Systems (now a Jain …

Advantages and Disadvantages of Outsourcing: A 2026 Guide Read More »