What Is Profit In Accounting Terms

Profit, in accounting, is an income distributed to the owner in a profitable market production process (business). Profit is a measure of profitability which is the owner’s major interest in the income-formation process of market production. There are several profit measures in common use. Income formation in market production is always a balance between income […]

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What Is A Receipt In Accounting?

Image by/from National Museum of American History A receipt (also known as a packing list, packing slip, packaging slip, (delivery) docket, shipping list, delivery list, bill of parcel, manifest or customer receipt) is a document acknowledging that a person has received money or property in payment following a sale or other transfer of goods or […]

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Revenue Recognition Methods In Accounting

##IMAGE_HERE## The revenue recognition principle is a cornerstone of accrual accounting together with the matching principle. They both determine the accounting period in which revenues and expenses are recognized. According to the principle, revenues are recognized when they are realized or realizable, and are earned (usually when goods are transferred or services rendered), no matter […]

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The Different Types Of Revenue

Image by/from RaphaelQS In accounting, revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers. Revenue is also referred to as sales or turnover. Some companies receive revenue from interest, royalties, or other fees. Revenue may refer to business income in general, […]

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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 […]

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