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Debits and credits are used to record every business transaction. This guide explains debits and credits rules using the acronym "DEALER" for each account.
A balance sheet is a financial statement that shows the financial position of a company. It shows company assets, liabilities, and equity. The balance sheet is a snapshot of what the company owns and...
The income statement shows the performance of a company over a period. The format is revenue minus expenses. If revenues are higher, the company has earned a net profit or net income. If the expenses...
The accounting information system records transactions and summarizes the results. The goal of accounting is to issue financial statements. The accounting system records transactions and prepares...
A merchandising company sells products or inventory. Accounting for retailers is more complex than for service companies. This is lesson 4 in our financial accounting series. These lessons...
Expense is a cost to operate a business to produce revenue. In accounting, an expense occurs when an asset is used. This could include a cash outflow or consuming an asset. What is an...