Accrued Interest Income Journal Entry

by | Jul 14, 2021 | Bookkeeping

To ensure accurate financial statements, the journal entry for interest accrued must be made. Accrued interest is the accumulation of interest that a borrower owes for “time value” on a loan from the beginning of the term. For example, if an individual borrows $2,000...

Variance Analysis Practical Questions and Answers

by | Jun 2, 2021 | Bookkeeping

When discussing direct labor, price is referred to as rate, and quantity is referred to as efficiency. Variances between the standard and actual amounts are caused by a difference in efficiency or rate. The total direct labor variance is separated into the direct...