Tag Archives for " sales "

The Traditional Income Statement (Absorption Costing Income Statement)

The traditional income statement, also called absorption costing income statement,  uses absorption costing to create the income statement. This income statement looks at costs by dividing

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Contribution Margin

Contribution margin is one of the most important concepts in managerial accounting. It is used extensively in planning and decision making because it is much easier to use than absorption costing, especially

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Revenue Recognition

When to Recognize Revenue Revenue recognition is one of the most important concepts in accounting. Deciding when to record revenue and expenses can have a huge impact on the financial statements. Incorrectly

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Introduction to Periodic and Perpetual Inventory

What is Inventory? Inventory is an asset account composed of items a company is planning to sell to customers. In financial accounting, we deal primarily with merchandising companies. A merchandiser is

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Inventory: Discounts

What Is a Discount? We all love discounts, but why would a business offer offer a discount on their products? Typically, a business might offer a discount to increase sales, make an unhappy customer happy

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