A Chart of Accounts is a listing of the accounts a company uses to categorize transactions. The accounts are the buckets of information a business needs to track. A Chart of Accounts is specific to...
Posts by Caroline Grimm
Although you do not need to know accounting to use QuickBooks, FreshBooks, Xero or other accounting software, knowing the basics of how accounting works can make using software easier and provide...
When a business buys products for resale or buys raw materials to transform into products, gross profit is an important number to know. What is Gross Profit? Gross Profit is the difference...
In accounting, Cost of Merchandise Sold is an account used to track the costs associated with the purchase of products for resale in a merchandising or retail business. Cost of Merchandise Sold does...
In accounting, Cost of Goods Sold is an account used to track the costs associated with the manufacture of a product, including cost of raw materials, direct labor, packaging, and other direct costs....
Inventory is an accounting of items owned by a business that will either be sold to customers or converted from raw materials into items that will be sold to customers. Inventory is an asset. It has...