Adam Hill

author
Adam Hill started accounting and trading back in 2007. He has achieved quite a lot of success. Now he decided to open his blog. Here he publishes articles on accounting. For any questions of interest, please contact us by e-mail: admin-hill@online-accounting.net
What are Land Improvements?

What are Land Improvements?

Aug 18, 2020 Bookkeeping by Adam Hill
The Internal Revenue Service (IRS) allows building owners the opportunity under the Modified Accelerated Cost Recovery System (MACRS) to depreciate certain land improvements and personal property over a shorter period than 39 or 27.5 years. Certain l...
Idle Time Variance

Idle Time Variance

Aug 17, 2020 Bookkeeping by Adam Hill
An employer’s overhead cost per employee is also considered, in addition to the employer’s annual taxes. Each cost is added together and then divided by the employee’s hours worked per year. To compute the direct labor quantity variance, subtract the...
Efficiency variance

Efficiency variance

Aug 17, 2020 Bookkeeping by Adam Hill
The units produced are the equivalent units of production for the labor cost being analyzed. Labor efficiency variance is also known as labor time variance and labor usage variance. Labor price variance equals the standard hourly rate you pay direct ...
How JOURNAL ENTRIES Work

How JOURNAL ENTRIES Work

Aug 17, 2020 Bookkeeping by Adam Hill
For example, if you have $5 in cash, and want to buy some gasoline for your lawn mower, you take your portable gas can and your money to the gas station and exchange $5 in cash for $5 in gas. This transaction is recorded as an increase in the asset "...
Fixed asset accounting

Fixed asset accounting

Aug 17, 2020 Bookkeeping by Adam Hill
If the fully depreciated asset is disposed of, the asset’s value and accumulated depreciated will be written off from the balance sheet. In such a scenario, the effect on the income statement will be the same as if no depreciation expense happened. T...