Bookkeeping

This account will eventually be a charge in the profit and loss account. It follows that the bookkeeping system must always balance, which is a big advantage. Some types of mistakes will cause [...]

In contrast, the cost of goods sold (COGS) is the actual cost incurred to produce and deliver a product. It ranges from the raw materials to make the product, to the shipping [...]

As you can see, no matter what the transaction is, the accounting equation will always balance because each transaction has a dual aspect. Does the stockholders’ equity total mean the business is [...]

Accumulated depreciation and amortization represent a contra-asset account that is meant to reduce the balance of the capitalized asset. Depreciation and amortization also represent expense items [...]

Insurance is the expense that company purchases from the insurance provider in exchange for the insurance service. The entity needs to pay the insurance fees on a yearly basis in order to receive [...]

Check with your state and locality for expected sales tax rates and potential tax surcharge rates. Postal Service with the delivery of mail and are independent of any state revenue systems. The [...]