Jennifer Archive

Managing Variable Costs

As the name indicates variable costs are the costs that fluctuate or change with the number of goods produced by the business. Variable costs along with the fixed costs comprise the total costs of the goods produced. Variable costs change with the percentage of

Types of Business Costs

  It is very important to distinguish or differentiate business costs as they help in recognizes the cost figures that your business produce by selling goods or services. There are different types of costs such as direct costs, indirect costs, fixed costs, variable costs,

Accounting Equation

Accounting equation can be termed as the foundation stone of the modern day accounting. The financial position of a business is affected by its financial transactions and these financial transactions are measured by following parameters called assets, liabilities and owner’s equity. The accounting equation

Accounting Methods

Accounting Methods Accounting methods are the set of rules or specific procedures through which a business keeps its financial records and transform these records into financial reports. Accounting methods are categorized in two categories the cash base accounting method and accrual based accounting method.

Chart of Accounts

  For a business or a company the chart of accounts may be described as an index or list of those financial accounts that a business utilizes in its accounting system and later posts to the ledger. Chart of accounts helps a company to

Accounting Cycle

Understanding an accounting cycle can be one of the most interesting things in the basic accounting. The workflow of accounting is always circular so it is recommended to understand the accounting cycle to implement effectively at your own business. The first step in this

Bookkeeping

Maintaining the record of financial transactions and financial day to day business activities is called bookkeeping. The basic purpose of bookkeeping is to maintain the financial records of a business clean, transparent and up to date. Bookkeeping provides the basic financial information which later

Expense

Expense can be explained as costs or expenditure maintained by a company for a certain accounting period to earn certain amount of revenues. Mostly expenses are incurred through the operating activities of a company. In terms of accounting expense is exactly opposite of that

Revenue

Revenue of a company is the total sum of money that a company actually holds. It may be received by providing services of by selling particular merchandise of the company. In simple words revenue may be called as the gross income of a company.
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