Balance Sheet
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 owes on a specific date. The…
Category accounting
Income Statement
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 are higher, the company has…
Accounting Information System
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 financial statements. Chapter 3: Accounting Information System This is Intermediate Accounting Chapter 3. For…
Expense
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 expense? Expenses are one of the…
Revenue
What is Revenue? Revenue is income from selling a product or service. A company earns revenue when it receives an asset for selling to a customer. The asset could be cash, accounts receivable, or other assets. Revenues are also called…
The Best Financial Calculator
When performing financial calculations, an Excel spreadsheet is usually the best tool. A spreadsheet is a powerful tool. But sometimes you do need a calculator. There are many models that you could use. So, how do you choose?