Income Statement
Income Statement. A financial report that shows the revenues, expenses, and profits over a specific time period. ... Read MoreRead More
Income Statement. A financial report that shows the revenues, expenses, and profits over a specific time period. ... Read MoreRead More
Inventory. The cost of raw materials in stock plus cost of making items (products, parts, assemblies) in stock either for sale to customers or for use in other products. ... Read MoreRead More
Journal Entry. The way updates and changes are made to a company’s books. Every Journal Entry must consist of a unique identifier (to record the entry), a date, and two or ... Read MoreRead More
Liabilities. Amounts a company owes to other people or organizations. ... Read MoreRead More
Limited Liability Company. A legal entity based upon State law (not Federal) where members may not be personally liable for the company’s debts or liabilities. ... Read MoreRead More
Long-Term Liabilities. Amounts a company owes which are payable a year or more from now. ... Read MoreRead More
Net Income. Equals all Revenues less all Expenses. ... Read MoreRead More
Other Assets. Assets that are neither Current nor Fixed. ... Read MoreRead More
Overhead. Expenses of running the business excluding Cost of Goods Sold. For example, Overhead often includes Rent, and admin Salaries. ... Read MoreRead More
Receipt. A document that proves payment was made. A business provides a receipt when selling its product or service. A business receives a receipt when it pays for goods and services ... Read MoreRead More