Of course, profit and cost of goods sold expense are the two most critical components of an income statement, or at least they're what people will look at first. But an income statement is truly the sum of its parts, and they all need to be considered carefully, consistently and accurately. In reporting depreciation expense, [...]
There’s nothing quite like a party to kick off the summer season. Throwing a Memorial Day party isn’t difficult, but it does take some planning. Continue reading to learn the tricks and tips for a fantastic party. Start with a budget. With money being tight for families all over the country, you’ll want to plan [...]
Memorial Day weekend is considered by many to be the unofficial start of summer. Some attend special events or parades put on by their local communities. Your family may want to consider these Memorial Day getaway ideas to help you remember why Memorial Day is commemorated each year. Many people don’t know that Memorial Day [...]
The first and most important part of an income statement is the line reporting sales revenue. Businesses need to be consistent from year to year regarding when they record sales. For some business, the timing of recording sales revenue is a major problem, especially when the final acceptance by the customer depends on performance tests [...]
Direct costs are those costs that can be directly attributed to a product or product line, or to one source of sales revenue, or one business unit or operation of the business. An example of a direct cost would be the cost of tires on a new automobile. Indirect costs are very different and can't [...]
Different fields of study make use of certain terms that are not easily understood by others. If you’re an accounting student or a professional accountant, you know the different terms used in accounting. One very popular term is profit & loss. So, do you know what the term means? To start with, you have to [...]
Mom does so much each day to keep the family going. Rather than staying at home, here are some ideas of where to take Mom for Mother’s Day. She’ll enjoy getting out of the house and being pampered without breaking the bank. Depending upon where you live, your city may have an art museum which [...]
Do you know your local banker? This is important and I will share why in the video, plus a story including Drake, the Rapper.