Which is the better strategy for paying bad my credit cards?
Should i pay stale the ones with the great balance first?or
Pay sour the ones with the chief interest rate first?
Answers: Mathematically, it makes sense to clear highest interest stale first, right? But that is not how "authentic life" and human emotions in actual fact work...
If you sincerely want to get out of debt, set your mind to it, and earnings off the SMALLEST BALANCE first (paying minimums on adjectives the others), regardless of interest rate. Throw everything you can at it, do extra jobs, supply stuff...
The psychological boost of encouragement you will get from adjectives up that first card once it is paid bad will help you state the momentum to move on to card number two (the subsequent smallest balance), and so on and so on.
By the time you pay rotten your last debt, you will hold become one of those rare population who understands the difference between "want" and "need", you'll spend far smaller number than you earn, and you will suddenly find yourself accumulating luxury at an alarming rate without really trying! (Trust me, it's a wonderful notion!)
Good luck!
Go to the library & check out any book by Dave Ramsey on debt...
That depends.has your credit mark gone to crap? If not, you could get a home quity column of credit or a line of credit at your mound and consolidate them. After doing so, use that as a interest canceling account. For more details run to www.freeandclearhome.com
This will walk you through how to if truth be told get those credit card interest rates down to a low, low decisive interest rate of around 2%..it is amazing how well it works! This system will even filch a 30 year mortgage and all the interest that it is charged down to that low of an interest rate and hold it paid rotten in 6-12 years. It sounds too honourable to be true but it isn't!
Have you got a finacial advisor? If you have how did you meet him/her?
Answers: Yes. I met him through community/friend. I checked out his credentials thoroughly before hiring him.
The best financial adviser that i know of is Dave Ramsey.
Go to http://www.daveramsey.com and listen to his radio show. He has lots of great advice on money and debt. It doesn't cost a dime to listen.
Can somebody explain work in progress as in accounts?
Answers: For the purposes of drawing up annual statutory accounts, (Trading a/c - profit and loss a/c - balance sheet) monthly management accounts, work in progress has to be valued so that it can be entered on the balance sheet as an asset, and as reduction of costs in the trading a/c. Opening WIP brought forward from the previous year/period is shown as an addition to costs.
I am taking the example of a manufacturing organisation that will, at the time of needing to establish its trading results, have partly manufactured (WIP) products in relation to which, costs will have been born and charged to the accounts, but no credit will have been taken for them because they haven't been invoiced/sold. There are rules as to which costs it is permissible to take into account in valuing WIP. Basically, direct labour, direct materials, variable overhead, and possibly, a portion of the expected profit. Its treatment in the accounts is similar to closing stock/inventory.
I was once a financial accountant within a shipbuilding company, and therefore, WIP was a significant element.
Obviously, it is impossible to give full treatment to this topic on yahoo, but you might want to come back with more precise questions regarding treatment of WIP in the type of organisation you are dealing with.
Say you're working on a job for a client but it's not finished yet. The job has already cost you a certain amount of time and possibly materials, so it has a value, but the client won't be invoiced until it's complete.
Hope that helps
It's a type of inventory account. When a product is starting to be fabricated, the materials, direct labor, etc are put in this account, then when the product is finished, the total cost is put into Finished Goods (which is also an inventory account).
Inventory accounts are assets.
Wordsmith99's got it precisely. As an example, I'm currently building a PC for someone, I've bought the parts and spent time on it so it has value and it's work in progress in the accounts until such time as I've completed the job and been paid for it.