They play a greater role in reviewing what products or services a company needs, as well as how these efforts can be financed. For example, if my business earned $50,000 in revenue over a quarter but had $30,000 in expenses, my income statement would show a net profit of $20,000. This document is essential for… Seguir leyendo The Ultimate Small Business Accounting Checklist

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However, much modern manufacturing relies on highly automated, expensive manufacturing plants – so much so that some companies do not separately identify the cost of labour because there is so little used. Instead, factory labour is simply regarded as a fixed overhead and added in to the fixed costs of running the factory, its machinery,… Seguir leyendo Activity-Based Costing ABC: Definition, Example & Process

The most liquid of all assets, cash, appears on the first line of the balance sheet. Cash Equivalents are also lumped under this line item and include assets that have short-term maturities under three months or assets that the company can liquidate on short notice, such as marketable securities. Companies will generally disclose what equivalents… Seguir leyendo Balance Sheet Definition & Examples Assets = Liabilities + Equity