"Income" refers to money or other forms of compensation received by an individual or organization over a period of time, such as wages, bonuses, and investment returns. "Expense" refers to money spent to earn income or maintain living, business, etc., including living expenses, production cost...
b. Describe the three products of accounting and bookkeeping procedures that are most useful in personal financial plannin Define comprehensive income and explain how that concept makes financial statements more useful for financial analysis. Define revenues and expenses. Pro...
Non-accountants might use the term income instead of the word revenue. Generally, accountants use the term income to mean “net of revenues and expenses.” For example, a retailer’s income from operations is its net sales minus the cost of goods sold minus its selling, general and administr...
period. Depending on the financial statement format, the costs might be categorized in different subcategories like selling and general administrative. Regardless how they are categorized, the total expenses are calculated and subtracted from the total revenues to calculate the net income for the period...
Sell high-value items and cut expenses Increase your income Prepare for the unexpected with an emergency fund 1. Ask about payment plans for unexpected expenses Depending on your creditor, you may be able to work out a payment plan to handle the debt, rather than struggling to pay the bill...
When a company gifts anything to its clients, expenses related to the cost of the gift are also common. In addition to the cost of simple gifts, they can also incur additional costs. These are typically for things like delivery, ribbons, wrapping paper, and bows. ...
Business Accounting Net income What are revenue, operating income, and net income in layman's terms?Question:What are revenue, operating income, and net income in layman's terms?Net Income:Net income is the profit a firm earns after deducting all expenses from revenue. It is also...
Are employee reimbursement expenses taxable income? How do you qualify? Learn more about IRS rules and accountable reimbursement plans.
General and administrative expenses typically refer to expenses that are still incurred by a company, regardless of whether the company produces or sells anything. This type of expense is shown on the income statement, typically belowcost of goods sold(COGS) and lumped with selling expenses, formin...
Administrative expenses are those that are incurred to allow a business to function. They don’t directly pay for the production of goods or services. They effectively allow a business to function so they’re unavoidable. They’re flexible, however, and can be tweaked when budget cuts are nece...