The section of the profit and loss statement reflecting the actual costs against sales. There are several other names used including 1) Cost of Goods Sold, 2) Costs of Construction, 3) Cost of Services Rendered or Provided and Cost of Manufacturing.
Another required estimate needed in accounting relates to employee benefits. Employee benefits consist of vacation, sick time, retirement benefits, healthcare and other de minimis benefits. As a function of accrual accounting these benefits are estimated […]