Cash Over and Short is an income statement account used to track differences in cash collections from what is expected and what is actual. It is used in businesses that use cash in day-to-day...
Category: Accounting Basics
An accrued liability represents goods or services received but not yet billed by the vendor. The expense is recorded in the month incurred and assigned to a liability account until the bill is...
Sales and Use Taxes are treated differently by taxing authorities and in accounting. Understanding the how sales tax and use tax are different, but similar is an important accounting concept to...
A long-term liability is an obligation by a business or organization to repay funds borrowed. The repayment of that obligation is spread over more than one year (operating cycle). Examples of...
Financial Statements offer great insights into the financial health and operating efficiency of businesses and organizations. The reports are used both internally and externally. Internally,...
Accounting for a Merchandising Business | Accounting Student Guide
What is a Merchandising Business? A merchandising business is a business that purchases goods and re-sells the goods to its customers. Examples of merchandising businesses are Amazon and Wal-mart....