Revenue Recognition Methods In Accounting

Revenue recognition methods in accounting help you track financial performance accurately. The Cash Basis Method records income and expenses when cash changes hands, suitable for small businesses. The Accrual Basis Approach aligns income and expenses to the period they occur, enhancing analysis. Explore the Percentage-of-Completion for ongoing projects, while the Completed Contract focuses on finished ones. The Installment Sales Method lets […]

Trading statement

Image by/from RaphaelQS The trading statement is an expanded version of sales portion of the Income statement. The trading statement’s main objective is to determine sales, cost of sales and gross profit. The trading statement forms part of effective bookkeeping within the accounting discipline. Sales – Cost of Sales = Gross Profit The main parts […]

The Origins Of Sage 50cloud

Image by/from Peachtree Software Incorporated Sage 50cloud is a set of accountancy and payroll products developed by Sage Group aimed at small and medium enterprises. Sage offer different products under the Sage 50 name in different regions. The product name originally derives from the UK and Ireland version of the product where the number 50 […]

What Do We Mean By Share Capital?

##IMAGE_HERE##A corporation’s share capital or capital stock (in US English) is the portion of a corporation’s equity that has been obtained by the issue of shares in the corporation to a shareholder, usually for cash. “Share capital” may also denote the number and types of shares that compose a corporation’s share structure. In a strict […]

The Concept Of Social Accounting And Its Benefits To Society

Image by/from WikiMedia Commons Social accounting (also known as social accounting and auditing, social accountability, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting or accounting) is the process of communicating the social and environmental effects of organizations’ economic actions to particular interest groups within society and to society at large. […]