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,...
Category: Managerial Accounting
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...
What is the Difference Between a Single-step and a Multi-step Income Statement?
A single-step income statement and a multi-step income statement differ in the amount of categorizing of financial information found on the report. A single-step income statement shows Revenues and...
In Financial Accounting, the focus is on accounting that reports the profitability and financial health of the business. In Managerial or Cost Accounting, the focus shifts to understanding the...