Inventory and Cost of Goods Sold
A merchandising company buys and sells inventory. When sold, inventory costs become the cost of goods sold (COGS), which is usually a company’s largest cost.
Inventory and Cost of Goods Sold Read More »
A merchandising company buys and sells inventory. When sold, inventory costs become the cost of goods sold (COGS), which is usually a company’s largest cost.
Inventory and Cost of Goods Sold Read More »
A merchandising company sells merchandise inventory to customers. Accounting for companies that sell inventory is more complex than for service companies.
Accounting for Merchandising Activities Read More »
The first step in financial reporting is recording business transactions. The business transactions are first recorded as journal entries. The goal of financial accounting is to issue financial statements.
Recording Business Transactions Read More »
Financial statements are everywhere. Sometimes, understanding them seems impossible. This beginner’s guide shows the basics of financial statements.
Financial Statements: A Beginner’s Guide Read More »
Adjusting entries are made at the end of a period to update accounts. An adjusting entry affects the income statement and balance sheet accounts.
Adjusting Entries and the Accounting Cycle Read More »
Debits and credits in accounting are used to record every business transaction. This guide explains debit and credit rules using the acronym “DEALER.”
Debits and Credits Explained: An Illustrated Guide Read More »