Revenue

Revenue is sometimes referred to as sales. Revenue is more comprehensive as it comprises, sales, customer returns or allowances, adjustments to revenues/sales, and other revenue related items to generate the total revenue/receipts for the small business.

Accounting Principles

Accounting Principles

Simply stated, accounting is the measurement of economic activity. Its primary principle is to report information to the user so that (s)he can make informed decisions. The primary reporting format is in the form of dollars. There are two important reports used by pretty much 99% of all business operations to determine the status of the business operation. These are the income statement and the balance sheet.

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