Again, as noted above, all credit falls under one of four categories. Credit cards are the most numerous in the revolving credit world, and certainly the easiest to reach for as a remedy if you need to buy something online or on credit. Retail and gas cards, in particular, are relatively easy to qualify for and are often the first choice for consumers new to credit. What are the different types o...

The two major scoring companies in the U.S., FICO and VantageScore, differ a bit in their approaches, but they agree on the two factors that are most important. Payment history and credit utilization, the portion of your credit limits that you actually use, make up more than half of your credit scores. Focus your attention mostly on those two while keeping an eye on the other factors. Instead, tak...

Usually, direct labor rate variance does not occur due to change in labor rates because they are normally pretty easy to predict. A common reason of unfavorable labor rate variance is an inappropriate/inefficient use of direct labor workers by production supervisors. As with direct materials variances, all positive variances areunfavorable, and all negative variances are favorable. Effective manag...

Labor variance has a direct and often profound impact on a company’s financial statements, influencing both the income statement and the balance sheet. When labor costs deviate from the standards set during budgeting, these variances are reflected in the cost of goods sold (COGS) on the income statement. Unfavorable labor variances increase COGS, thereby reducing gross profit and, ultimately, net ...

Unit-wise details of costs, their components, and the accuracy of calculations and cost data, which are made available by the costing department, go a long way in helping to determine product and service prices. Although cost accounting—particularly the integrated system of accounting—can ultimately produce financial statements (i.e., profit and loss account and balance sheet), its emphasis is on ...

Even if the intention is to support those who earn little income, individuals across the income distribution will also benefit from the reduced rates. Therefore, a refundable food tax creditA tax credit is a provision that reduces a taxpayer’s final tax bill, dollar-for-dollar. A tax credit differs from deductions and exemptions, which reduce taxable income, rather than the taxpayer’s tax bill dir...