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Getting all relevant information about your operational expenses lets you know whether you are in the right financial state to cover additional production costs before starting any project. Incremental cost analysis will save you from engaging in unprofitable business ventures that can ultimately damage your financial state. In a low-cost pricing strategy where the incurred […]

Many banks have found that implementing AI requires financial investment and machine learning expertise and tools to fine-tune models on proprietary data to maximize their investments and achieve their goals. In this guide, we will identify several opportunities to apply AI in finance and how to get started so you can stay ahead of the […]

Based on the errors on the validation set, the optimal model parameters set is determined using the one with the lowest validation error (Xu and Goodacre, 2018[49]). Validation processes go beyond the simple back testing of a model using historical data to examine ex-post its predictive capabilities, and ensure that the model’s outcomes are reproducible. […]

Any set standard can be easily modified to meet the changing business environment and needs. For small or sole proprietary businesses, the owner of a business is usually part of the management. Nonetheless, information from managerial accounting is used by the internal administrators of a company that make the decisions. The area of managerial accounting […]

The determination that your business/investment use of the automobile for the tax year is 75% rests on sufficient supporting evidence. A special rule for the inclusion amount applies if the lease term is less than 1 year and you do not use the property predominantly (more than 50%) for qualified business use. The amount included […]

In addition to the business income limit for your section 179 deduction, you may have a taxable income limit for some other deduction. You may have to figure the limit for this other deduction taking into account the section 179 deduction. If you buy qualifying property with cash and a trade-in, its cost, for purposes […]

As mentioned, there can be a contra account for any type of transaction depending on a company’s needs. Other than the above contra-asset accounts, we often see contra-revenue accounts for any sales returns or sales rebates. Revenue is an income statement account, but it flows through to the equity section of retained earnings as well. […]