Monthly Archives: February 2023

Difference Between Actual Costing and Normal Costing

This method of normal costing is also generally accepted, and it is allowed to derive the cost of product using this technique under GAAP and IFRS. Actual costing uses the real expenditures that were incurred in the production of a product or service. https://quick-bookkeeping.net/ Extended normal costing uses the actual costs of direct materials and…

Under accrual accounting, how are worker comp premiums handled?

However, it’s still a good idea to carry this policy for financial protection against work injuries, which health insurance might not cover. As you can tell from the above sample rating formula guide there are many individual rating elements https://personal-accounting.org/ that come together to develop the total premium of a workers compensation policy. The elements…