Content What are inventory costs? Variations in the Cost of Goods Sold Recording Transactions for Goods Sold What expense category does the cost of inventory come under? History of IAS 2 A business that produces or buys goods to sell must keep track of inventories of goods under all accounting and income tax rules. He[…]

Content What are the tax rules for deferred revenue? Financial report: What is Unearned Revenue? A Complete Guide Unearned Revenue vs. Accounts Receivable (A/R) Definition and Example of Unearned Revenue Unearned revenue in the cash accounting system Since it is a cash increase for your business, you will debit the cash entry and credit unearned[…]

Content Owner’s Equity Best accounting books for entrepreneurs Know the Difference Between Invoices and Receipts Why is it Important to Hire a Firm to do Bookkeeping Instead of a Freelance Bookkeeper? Ready to create your first business? Start your free trial of Shopify—no credit card required. Stay up to date on the latest accounting tips[…]