Recent Articles

Revenue and Sales – What is the Difference?

Sales are a component of revenue. Revenue encompasses several sources of income including sales. Other sources of revenue include interest, trust monies, royalties, and fees. In effect, revenue includes all sources of income, realized and unrealized.

Returns, Allowances and Discounts in Accounting

12/24/2014

In the revenue section of every income statement (profit and loss statement) is an adjustment group to sales.  This group reflects the value related to the actual sale of the product or services.  This adjusting group is comprised of three [...]

Chart of Accounts – Layout

11/27/2013

The goal of accounting is to record the economic activity of the business.  This is achieved by entering each economic transaction into a set of books.  The books are formatted to reflect the balance sheet and income statement items.  The chart [...]

Revenue and Sales – What is the Difference?

06/03/2013

Sales are a component of revenue.  Revenue encompasses several sources of income including sales.  Other sources of revenue include interest, trust monies, royalties, and fees.  In effect, revenue includes all sources of income, realized and [...]