In Managerial or Cost Accounting, costs are first identified and then assigned to the part of the business that incurs the cost, the part of the business that makes those costs necessary. Cost...
Category: Managerial Accounting
A cost is what you give up to get something else. At the grocery store, you give up cash to get groceries. When deciding to go to college, you give up time and money to get a degree or the benefits...
Managerial Accounting is a specific branch of accounting designed to support business managers and owners by providing data to help the company with strategic planning, measuring company performance,...
In a business, Net Income is the difference between Revenue and Expenses. When the difference is positive (revenues are greater than expenses), the business has a profit or Net Income. When the...
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...
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...
