On the other hand, the company can make the journal entry for underapplied overhead by debiting the cost of goods sold account and crediting the manufacturing overhead account. At the end of the accounting period, the balance (whether it’s underapplied or overapplied) is usually cleared out to zero by adjusting the cost of goods sold or other relevant accounts. This way, the effects of under- or overapplying overhead do not carry forward into future accounting what are pre tax payroll deductions and benefits periods. The exact method for dealing with underapplied or overapplied overhead can depend on the specific accounting…
Author: herbert
It allows for proper classification of transactions and ensures that financial statements reflect the true financial standing of the entity. This means when a company makes a sale on credit, it records a debit entry in the Accounts Receivable account, increasing its balance. Conversely, when the company receives a payment from a customer for a previously made credit sale, it records a credit entry in the Accounts Receivable account, decreasing its balance. It should be noted that if an account is normally a debit balance it is increased by a debit entry, and if an account is normally a credit…
List of Top Image Recognition Software 2023 After this, you will probably have to go through data augmentation in order to avoid overfitting objects during the training phase. Data augmentation consists in enlarging the image library, by creating new references. Changing the orientation of the pictures, changing their colors to greyscale, or even blurring them. All these options create new data and allow the system to analyze the images more easily. At Superb AI, we strive to make image classification a straightforward process in building your machine learning model. We combine the conveniences of automation with the expertise of your…
IC Research, the research arm of investment bank, IC Securities has maintained its forecast of Ghana’s Gross Domestic Product (GDP) growth for 2023 in the range of 1.9% to 2.9%. It expects sustained momentum in the livestock and crops sub-sector to spur growth within the agriculture sector while ICT, transport & storage, and education will continue to support the services sector growth. On the downside, it pointed out that “we expect aggressive fiscal consolidation in the second-half of 2023 to weigh on the public sector drivers of growth while the price sensitive trades, hospitality and industry sector remain constrained…
GCB Bank PLC (GCB) has announced its full-year (FY) 2022 financial results highlighting the Bank’s strong performance despite the impact of the Domestic Debt Exchange Programme (DDEP). Total Operating Revenue grew by 24 percent to GHS 3.0 billion. This was underpinned by broad based growth across all the key revenue lines. Net interest income was up 11 percent, fees & commissions grew 7 percent. Trading Income was phenomenal with a growth of 208 percent to end at GHS 487 million. Operating cost went up 29 percent recording GHS 1.6 billion on account of inflationary and currency depreciation effects. Pre-provision profit…
The governing New Patriotic Party (NPP) says one of the things that went against them in the just-ended Assin North by-election was the fact that they had limited time to market their candidate, Charles Opoku. The NDC’s James Gyakye Quayson polled over 17,245 representing 57.56% of the votes, while the NPP’s Charles Opoku managed 12,630 or 42.15% of the valid votes cast. The General Secretary of the NPP, Justin Kodua Frimpong, says unlike the NDC, his party had a limited time in propagating their message to the electorate. Speaking to JoyNews, he said “as a party, we did not have enough…
The National Democratic Congress’ National Communications Director says James Gyakye Quayson’s landslide victory over the New Patriotic Party’s Charles Opoku in the Assin North by-election, signifies victory for the NDC at the national polls in 2024. Sammy Gyamfi believes the Assin North by-election was not a mere poll for a representative in Parliament but more of a referendum on the performance of the NPP government. In an interview on Joy FM’s Top Story on Thursday, he said: “…The real work is recapturing power in the 2024 election which for me, it is what this victory signifies.” Mr Gyamfi’s comment follows James Gyakye Quayson’s…
Mpraeso MP Davis Opoku Ansah has lamented about the lack of adequate funds for state institutions mandated to help curb the issues of flooding in the country. The MP said the issue is a major concern that must worry all persons in authority to help address the perennial problem. According to him, state agencies such as the Ghana Hydrological Authority which was established last year have not been provided with the needed funds to operate effectively as expected. Contributing to a discussion in Parliament on Thursday, June 29, Mr Opoku Ansah shared some experiences he has witnessed in times past. …
Facebook “Therein is the most dangerous power of the prosecutor: that he will pick people that he thinks he should, rather than pick cases that need to be prosecuted.” R. H. Jackson Introduction The Special Prosecutor of Ghana, Mr. Kissi Agyebeng does not appear to have learnt the ropes of what it takes to be an experienced investigator and a prosecutor within the institution of law enforcement almost two years after his appointment by the President of Ghana to that august office. Kissi Agyebeng has refused or failed to learn quickly that the Office of the Special Prosecutor (OSP) was…
The wife of the late former Vice President, Paa Kwesi Amissah Arthur, has revealed that she asked her husband to resign many times during his tenure as the Vice President of Ghana. According to her, she made this demand on several occasions even though her husband refused to yield to her suggestions. Matilda Amissah Arthur made this disclosure in a yet-to-air interview on JoyNews’ PM Express Personality Profile. Responding to the host, Aisha Ibrahim’s question on whether she wanted her husband to resign due to the complex demands of the job, she said “many times”. Mr Paa Kwesi Amissah Arthur, who…
