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Absorption Costing

What is ‘Absorption Costing’

Absorption costing is a managerial accounting cost method of expensing all costs associated with producing a particular product and is required for typically accepted accounting concepts (GAAP) external reporting. A few of the direct expenses related to producing a product consist of earnings for workers physically producing a product, the raw materials utilized in producing a product, and all of the overhead expenses, such as all energy costs, utilized in producing a great. Absorption costing consists of anything that is a direct expense in producing a great as the cost base.

BREAKING DOWN ‘Absorption Costing’

Absorption costing is also called complete costing as all costs– including fixed overhead charges– are consisted of as product costs. As opposed to the other alternative costing approach called variable costing, every cost is allocated to items produced whether they are offered.

Absorption Costing Vs. Variable Costing

Absorption costing requires assigning repaired overhead costs across all systems produced for the period. Variable costing, on the other hand, swellings all fixed overhead costs together and reports the expenditure as one line item. Variable costing does not determine a per-unit expense of fixed overhead while absorption costing does. Variable costing will yield one lump-sum cost for fixed overhead costs when computing net earnings. Meanwhile, absorption costing will result in 2 categories of fixed overhead expenses: those attributable to cost of items offered and those attributable to inventory.

Benefits of Absorption Costing

Absorption costing does not account for all fixed expenses which reflects particular scenarios in which all the inventory is not offered. Because properties stay part of the entity’s books at the end of the period, absorption costing reflects more set expenses attributable to those products within ending inventory. For some, absorption costing will result in more precise accounting regarding ending stock. In addition, more costs are accounted for in unsold products which decreases real expenditures reported. This leads to a greater earnings estimation when compared to variable costing computations.

Disadvantages of Absorption Costing

Since absorption costing consists of overhead costs, it is undesirable when compared to variable costing when making internal incremental pricing decisions. This is because variable costing will just include the additional expenses of producing the next incremental unit of a product. In addition, using absorption costing produces a distinct circumstance in which simply manufacturing more items will increase net earnings. Due to the fact that repaired expenses are spread throughout all systems produced, the system fixed cost will decrease as more products are produced. For that reason, as production boosts, earnings naturally increase due to the repaired expense element of the expense of goods sold decreasing.

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Department of Transportation Drug Test: Illegal Medications

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We can all agree that operating as a commercial driver comes with certain risks that could affect both public and personal safety of the driver. That is the main reason why each commercial truck driver has to comply with a wide array of regulations.

Some rules deal with the number of hours they can drive actively, while others are here to ensure that drivers are capable of handling long hours of the drive without potential health and fitness issues,

Keep in mind that if a driver is suffering from a condition that requires particular medications, it may be illegal for him/her to drive the truck in the first place. They also have to undergo DOT Drug Test with an idea to prevent the potential intoxication and drug abuse. 

Controlled substances such as prescription drugs can affect a driver’s reaction time, which may lead to personal injuries and other accidents that will threaten public safety.

Trucking Regulations

It is a logical conclusion that truck drivers have to be completely sober while drivers and they cannot operate a commercial vehicle under the influence of drugs. We are talking about illicit drugs, including marijuana, heroin, and cocaine.

Even though weed is legal in some US states, federal regulations still consider it an illegal drug, which is why you cannot consume it under DOT regulations.

If you consume these drugs and cause an accident, it qualifies as DWI or DUI crime, depending on the state you are in. If an intoxicated truck driver hits a pedestrian, this usually the truck driver’s fault.

The common problem lies in prescription drugs because some of them can cause intoxicating effects similar to illegal ones. That is the main reason why they require valid prescriptions. 

For instance, some truck drivers tend to consume Adderall to stay alert and awake for long hours and shifts. Have in mind that it is illegal to consume them without a proper prescription, which means that if you cause an accident, it will be considered as DWI or DUI crime.

It isn’t effortless to regulate prescriptions and pharmaceuticals. If you wish to qualify to become a truck driver, you have to obtain CDL or commercial drivers’ license. 

Check here to learn how to obtain a commercial drivers’ license. 

At the same time, you need to pass the medical examination that will determine your current health condition. That way, they will make sure that you do not have conditions that could affect your driving in the long run.

For instance, problems with hearing, eyesight, and diabetes and limb control can reduce the chances of obtaining the license in the first place. You may be medically disqualified, which means that you should find another career choice.

Prohibited Meds

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You may not qualify for the medical exam in case you are consuming particular meds. Generally, the federal government divides drugs into Schedules in which Schedule I drugs are the most dangerous ones and can lead to abuse and addiction.

Consuming Schedule I, drugs such as narcotics, amphetamines, and other drugs will immediately disqualify you as a potential truck driver.

We are talking about prescription drugs as well, including:

  • Anti-diarrhea meds
  • Anti-inflammatories
  • Painkillers
  • ADD meds
  • Anti-seizure meds

Remember that anti-seizure meds can also lead to disqualification, especially if you are using it to treat frequent seizure attacks. However, you can use medications for other purposes, including for treating depression, which will not disqualify you.

Of course, you will be able to use potential loopholes, but generally, you will have limited options. In case a certified doctor prescribed you a particular drug to consume due to medical conditions, you may qualify for becoming a truck driver if the doctor permits you.

Still, they may reject the doctor’s opinion in case they think that the drugs you are consuming can affect the safety of your driving in the future.

Final Word

The regulations we talked about above do not protect only drivers but the other traffic participants as well. 

According to FMCSA, trucking regulations are here to reduce unsafe practices by drivers and companies, which is why they become liable based on federal regulations.

We recommend you to visit this link: https://www.thebalancecareers.com/drug-and-alcohol-tests-for-employment-2060409 to learn everything about drug and alcohol testing methods. 

In case a violation leads to an accident, it is simpler to make the driver liable and get compensation, especially in case of personal injuries.

If an intoxicated truck driver injures you, you have to prove the negligence, and after a screening, you will be able to get the compensation based on your needs.

How to Invest in Real Estate

There are huge profits in property businesses. With the rise of migrants, the real estate world is growing as top business markets. The property owners invest in properties to earn huge incomes.

An individual cannot ascertain the right purpose of their personal property. To gain the maximum profits, consult with a reputed property manager. There are many reputed online portfolios that help you from home. These online sites will evaluate the property and will give you an unbiased judgment and consultancy for the best investments. There are different ways in which property can invest. Let’s discuss some of the profitable ways

Buy and Sell

Buying and selling properties will give you the best hands-on profits as you can get for an investment. Do not try to sell out properties as may end you in losses quickly. Patience is crucial while making investments in real estate.

Rent-Out

The owner rents out offices and other commercial buildings on rent for commercial purposes. The building rented out with complete furniture and other belongings. The other party is free to make changes in the interior according to their requirements. Examples of corporate rent are hotel buildings, commercial malls, and offices. This types of investment result in a right amount of futures in the long run.

Leasing

The owners let their houses on lease for a long time by making long term contracts. The property let out for five to ten years with a fixed amount of rent monthly or annually. It is an excellent way to save the owner from vacating losses during the offseason. The amount decided is less as compared to annual rentals but benefit the owner in the long term. The factories in industrial areas usually are rent out on lease. Also, read https://www.abodo.com/blog/real-estate-investing/

Real Estate Brokerage

Huge profits in brokerage have created a wide and varied market of real estate brokers. It does not require the purchase or sale of an asset. The agent earns the brokerage fees or commission for the confirmed deals. The broker can expand the business by charging fees and rewards for bearing losses in case of breach of contract.

Resthouses

Renting your property in a particular season to travellers is in very high demand in the market. Data shows that on many occasions, renting as resthouses can cash flow better than regular rentals. Select the location where tourists come and apply that property in renting as resthouses. Show your rented property on online vacation property sites that will help the potential customer to reach to you quickly.

Things to Know About Short-Term Health Insurance for Freelancers

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The new age of economy brought us to a point where freelancers are a highly popular working force and career of choice for many people across the globe. It is also a great way to balance a healthy lifestyle with work when compared with other industries on the market.

According to statistics, there are approximately more than 56 million freelancers in the USA, and 30% of them work full time. Even though we can consider numerous benefits of becoming a freelancer, the most significant disadvantage is the lack of employer’s plans. Finding health policy is complicated, which is why you should click to read more on the link we shared with you.

Therefore, if you are a self-employed person or freelance worker, you will be able to choose various health insurance options that exist on the market. One of the most popular solutions for freelancers is short-term health insurance.

What Is Short Term Health Insurance?

Limited duration or short-term health insurance in the form of coverage that will provide health protection for limited periods. It is a necessary and temporary policy, which is correctly used for a medical emergency, so you will not be able to handle daily med care as well as prevention.

Remember that these plans are not ACA-compliant, and back in the day, people used them to fill a gap in already existing coverage when they were in-between jobs. Regulations changed in 2019, and today, more and more people choose this particular policy over traditional ones.

According to predictions, the number of people enrolling in this particular policy will increase by 600,000 in 2020. Keep in mind that this specific type of coverage will evolve with increased demand, so you will be able to find numerous options available on the market.

Reasons Why Freelancers Choose Short-Term Health Coverage

  • If you cannot qualify for Medicaid due to significant income and you cannot afford to spend on traditional health coverage, the best solution for your need is a short-term alternative which is a less expensive and much better option than being uninsured.
  • In case you wish to be protected, but you neglected the open enrollment period, which would qualify you for traditional policies. Instead, you should take a short period one until the next enrollment period, where you can choose the different options.
  • You can use it as an alternative to ACA options. Even though freelancers can qualify for health insurance through the marketplace, the cost is much more expensive than other types. Keep in mind that before 2019, people had to handle penalties with ACA compliant health plans. However, today, there are no penalties when insuring you with a short-term alternative.

What Will You Get With Short-Term Insurance Plan?

When compared with other types of plans that you can choose, we can consider numerous benefits of choosing this particular plan instead. At the same time, not all states will have short-term projects, but when you find the offer, you will be able to get coverage for:

  • Preventive care
  • Hospitalization
  • Pregnancy, prenatal and maternity care
  • Prescription drugs
  • Mental and abusive issues

We recommend you to visit this site: https://www.healthline.com/health/consumer-healthcare-guide/compare-health-insurance so that you can learn how to compare different policies with ease. 

Differences between Marketplace and Short-Term Coverage

Apart from the idea that you will get reduced coverage, you should consider other things as well when choosing this particular plan:

  • In case you already have a pre-existing condition, have in mind that you will not be able to choose short-term health insurance.
  • You will have to undergo a medical exam for your plan, and they can deny you in case you have some medical issues along the way.
  • Remember that these plans have high deductibles, which means that you have to pay more for monthly fees.
  • In case you have a plan that lasts less than a year, each time you change it, the new deductible will come in place. This disadvantage will affect the money you have to pay every month.
  • This particular plan has lifetime or annual policy limits that will affect the overall coverage.
  • The great advantage of short-term coverage is the affordable price tag. You will be able to increase savings unless you have a severe medical situation. Therefore, if you are a healthy individual in general, and you do not use prescriptions regularly, you will reduce the expenses when compared with other plans. 

FDA Warning Letter: Enforcing Status Quo on CBD

If you want to learn more about the warning letter sent by the U.S. Food and Drug Administration and see how the FDA is still enforcing the status quo on CBD, keep on reading this article. Moreover, you’ll also learn where you can get approved for a safe and affordable CBD merchant account fast and easily. 

FDA Warning Letter & CBD Merchant Account

The U.S. Food and Drug Administration is still taking action to regulate the legal issues associated with CBD. The administration has recently sent a warning letter to Alternative Laboratories or Alternative Labs. The letter shows that the company markets various functional beverages that contain enhanced coffees and cocoa drinks. 

According to the letter, Alternative Labs has used the ingredient called DHMA in the beverages. As you may know, this is a synthetic drug that you can find in dietary supplements. It’s used for weight loss purposes, as well as for boosting athletic performance.

The FDA views supplements containing dimethylamylamine as illegal products. The use of dimethylamylamine has been associated with a number of reports of serious side effects causing harm to health. 

According to Alternative Labs CEO Kevin Thomas, the inspection carried out by the FDA, which provided a basis for sending the warning letter didn’t reveal any serious issues concerning the company’s GMp compliance. 

What about your marijuana business? Are you using reliable and low cost merchant services? This can be of no challenge if you work with a respectable high risk processor in your field. With a true payment processing specialist, you can enjoy the safest and cheapest CBD merchant account in the space. 

Growing CBD Market & Its Regulation

According to Chuck Schumer, Senate Minority Leader, the FDA must provide guidance so that hemp-derived CBD can be marketed legally. Schumer adds that the administration’s rules concerning cannabidiol must ensure that CBD products meet strict quality control standards so that consumers can be well protected. 

According to former FDA Commissioner Scott Gottlieb, the federal government should have its word in the process of state marijuana programs regulation. Gottlieb notes that CBD sales may need congressional action, otherwise years will be needed to develop rules.

To sum up, the warning letter by the FDA speaks of the fact that the administration is still enforcing the status quo on CBD.  

Author Bio:Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that offers the safest and cheapest CBD merchant account in the space. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.

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