Bookkeeping

July 15, 2024

What is a long-term liability?

The corporation’s balance sheet shows total assets of $2,400,000 and total liabilities of $600,000. Most of the liabilities relate to debt that carries a covenant requiring […]
August 22, 2024

FOB Accounting

In an FOB Shipping Point agreement, the transfer of ownership happens the moment the goods are loaded onto the transportation vehicle at the seller’s location. Once […]