Tag: Income Statement
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Estimating in Construction – Part 1 (Introduction)
Estimating in construction is the best internal control tool to maximize profit. Estimates act similar to a dashboard of critical information.
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Bookkeeping – Closing the Books (Lesson 69)
The closing process is designed to finalize the financial information for that period of time. It involves correction of errors, posting omissions and confirming balances of accounts.
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P&L Statement – Best Format for Salons
An owner of a hair salon needs a well organized and properly formatted profit and loss statement (income statement) to properly evaluate performance. There are multiple presentation formats used in the service industry, but after 25 years of accounting I advocate for the functional presentation arrangement. This form of a profit and loss statement allows…
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Bookkeeping – Proper Income Statement Presentation (Lesson 21)
The income statement presents information over a period of time. This time period is referred to as an accounting cycle.
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Profit and Loss Statement Using Class Accounting
Class accounting breaks down sales and the associated cost of sales into functional groups. Whether you use divisions or departments or product/service lines class accounting allows you to identify those more profitable areas of operations.
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Financial Statements for the Small Business
Financial statements serve the purpose of presenting economic activity and status related to a particular date and over a particular time frame. Accountants record monetary transactions and via financial reports present the information in an easy to understand format.
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Apartment Complex Profit and Loss Statement – (Revenue Section) Best Presentation Format
In the apartment complex industry I have had the privilege of reviewing four different presentation formats prepared by different Certified Public Accounting Firms.
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Restaurant Profit and Loss Statement – Best Format to Use
A well organized and understandable restaurant profit and loss statement can provide infinite value to a restaurant owner. The best format to use allows the owner to understand his prime costs, total variable costs and the required contribution number necessary to cover fixed costs and desired profit.
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Returns, Allowances and Discounts in Accounting
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.
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Accounting
Accounting refers to the business function of recording economic activity. Accounting includes the processing of information and a reporting role. The accounting term encompasses a broad range of functions for every business. It starts out with a system of gathering economic information, categorizing the material, inputting the data into an accounting program, and generating outputs for decision…