Generally, a balance sheet and an income statement are prepared and issued together because in…

A Balance sheet is like a “snapshot” that gives you the overall picture of the…

Income Accounts These accounts are used to track income earned during the process of operating…

An Income Statement is also called a Profit and Loss Report. In addition, the word…

Payroll Records An employer, regardless of the number of employees, must maintain all records pertaining…

One of the first steps in evaluating a business is determining your break-even point. This…

A company can raise or lower its earnings by changing the way it calculates the…

Merchandise Inventory Merchandise inventories are the goods that are on hand for the production process…

The Expense Authorization system is a commonly used method to keep track of and control…

Sales made by businesses can be broken down into the following main categories: •         Cash sales…