Net income results when revenues exceed expenses. A net loss occurs when expenses exceed revenues.
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Bookkeeping is a part of accounting process that involves only the recording of economic events.
- Record date
At the record date, the company determines ownership of the outstanding shares for dividend purposes. The records maintained by the corporation supply...
- Production cost report
A production cost report is the key document management uses to understand the activities in a department; it shows the production quantity and cost data related to that department.
- Parent company & Subsidiary (affiliated) company
A company that owns more than 50% of the common stock of another entity is known as the patent company. The entity whose stock the parent company...
- Term and serial bonds
Bonds that mature-are due for payment-at a single specified future date are term bonds. In contrast, bonds that mature in installments are serial bonds.
- The Benefit of Budgeting
The primary benefit of budgeting are: It requires all levels of management to a plan ahead and to formalize goals on a recurring basis. It requires...
- Auditing in depth
The Institute of Chartered Accountants of England issued a Statement on the General Principles of Auditing on 16th August, 1961, which