A manufacturing business is one that purchases raw materials and transforms the materials into products it then sells to its customers. A manufacturing business combines materials with labor and supplies to create a product. Customers exchange money for the benefit (or perceived benefit) they receive from the products. Examples of manufacturing businesses are:
- Toyota
- Apple
- Samsung
- General Motors
- Exxon
- Ford
- Hewlett-Packard
- Tesla
To learn more about how financial statements for a manufacturing business work, watch this video:
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Nonprofit Monthly Financial Close Process Overview
The monthly accounting close process for a nonprofit organization involves a series of steps to ensure accurate and up-to-date financial records. This process ensures that financial statements are prepared, reviewed,
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Payroll taxes are the taxes that employers withhold from their employees’ wages and are required to remit to the appropriate government agencies. They include various taxes that fund government programs,
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Form 990 is a reporting document filed by tax-exempt organizations in the United States with the Internal Revenue Service (IRS). It provides detailed information about the organization’s financial activities, governance,
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Disclosures related to revenue sharing, consolidated financial statements, noncontrolling interests, and related party transactions in the context of affiliated organizations within a nonprofit are crucial for transparency and accurate financial
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Related Parties in the Nonprofit Sector Explained
Related parties in the nonprofit sector refer to individuals, organizations, or entities that have a close relationship with a nonprofit organization that could potentially influence financial transactions or reporting. These
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Noncontrolling Interests in the Nonprofit Sector Explained
Noncontrolling interests (NCI), also known as minority interests, refer to the ownership stake in an entity that is not held by the parent or controlling entity. In the nonprofit sector,